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support price
noun
- the price at which the government will purchase commodities, especially farm produce, in order to maintain a certain price level.
Word History and Origins
Origin of support price1
Example Sentences
While this was seen as a huge victory for farmers, they had withdrawn from the strike only after the government made other promises including setting up of a committee to look into implementation of minimum support price for all crops.
Several farm unions in India have been on strike since 13 February seeking floor pricing, which is also called minimum support price, for their crops.
The farmers say guaranteed minimum support price for all 23 crops would stabilize their income.
The government had proposed buying pulses, maize and cotton at guaranteed floor prices - also known as Minimum Support Price or MSP - through cooperatives for five years.
But their most important demand is a law guaranteeing a support price for crops.
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