MSP is the guaranteed amount paid to farmers when the government buys their produce
MSP is based on the recommendations of the Commission for Agricultural Costs and Prices (CACP), which considers various factors such as cost of production, demand and supply, market price trends, inter-crop price parity.
CACP came into existence in January 1965 , and it comes under Ministry of Agriculture and Farmers Welfare.
Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister of India takes the final decision (approve) on the level of MSPs.
MSP is aimed at ensuring remunerative prices to growers for their produce and encouraging Crop Diversification.
CACP recommends MSPs for 22 mandated crops and fair and remunerative price (FRP) for sugarcane.
Mandated crops include 14 crops of the kharif season, 6 rabi crops and 2 other commercial crops.
MSP is officially announced for 23 crops, but in practice, only two, rice and wheat, are extensively procured and distributed under the National Food Security Act (NFSA).
For the rest of the crops, the MSP implementation is ad-hoc and insignificant. Majority of farmers growing non-target crops do not benefit from the MSP.
Shanta Kumar Committee, in its 2015 report, revealed that only 6% of the MSP was actually received by farmers.
Focus on MSP for rice and wheat has led to a skewed cropping pattern in favor of these two staples. This overemphasis on these crops can have ecological, economic, and nutritional implications.
The MSP-based procurement system often involves intermediaries such as middlemen, commission agents, and officials from Agricultural Produce Market Committees (APMCs).
Farmers demand a law to enforce MSP for all crops, aligned with the recommendations of the Dr. M S Swaminathan Commission.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft regulations to establish Bima Sugam as a not-for-profit entity to serve as an online insurance marketplace catering to all stakeholders.
By promoting transparency and collaboration and to implement “Insurance for all by 2047″
As per the 2024 Regulations, Bima Sugam is incorporated under Section 8 of the Companies Act as a non-profit with focus on public service over profits or shareholder returns
India is expected to be the sixth largest insurance market by the year 2032.
PM Surya Ghar
February 2024, Prime Minister Narendra Modi unveiled an ambitious program named ‘PM Surya Ghar: Muft Bijli Yojana’ to promote widespread adoption of rooftop solar panels across Indian households through financial incentives.
The scheme aims to install solar photovoltaic systems on one crore homes.
The project would entail an investment of over Rs 75,000 crore and all stakeholders will be integrated to a National Online Portal.
