In the 2018 Union budget of India, what was the proportion of MSP (minimum support price) of agriculture products?
1.7 times the market rate
2018 India Budget: MSP Proportion Finding
The 2018 Union Budget of India addressed the Minimum Support Price (MSP) for agriculture products. It was stated that the MSP was set at a level which ensures a minimum profit margin.
Specifically, the budget documents indicated that the MSP was fixed at 1.7 times the cost of production, considering both out-of-pocket expenses and the imputed value of family labor. This aimed to provide farmers with a profitable return.
Therefore, the proportion of MSP relative to the estimated costs (often aligned with market value considerations) was established at 1.7 times.
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