What are the factors considered while deciding the minimum support price for sugar in India
Discuss the key considerations that the Food Minister Pralhad Joshi will take into account before finalizing the decision on increasing the sugar MSP.
Factors considered while deciding the minimum support price (MSP) for sugar in India include:
- Cost of production including input costs like seeds, fertilizers, labor, and machinery.
- Prevailing market prices to ensure fair returns to farmers without burdening consumers.
- International sugar prices and demand-supply dynamics to maintain competitiveness.
- Impact on sugar industry sustainability, profitability, and overall economic growth.
- Impact of MSP on farmer welfare and income.
- Balancing interests of farmers, sugar mills, and consumers.
- Consultation with stakeholders such as farmers' associations and industry representatives.
- Government's overall agricultural policy objectives and commitments.
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4 months ago