Supreme Court notices centre, stakeholders on MSP
NATIONAL: The Supreme Court Monday sought responses from the Centre and various authorities concerning a petition about the Minimum Support Price (MSP) for agricultural produces. The bench, led by Chief Justice Surya Kant and Justice Joymalya Bagchi sent notices to the Union Government, the Directorate General of Foreign Trade and the Commission for Agricultural Costs and Prices.
The plea argues that more emphasis should be placed on state-specific cultivation costs when determining MSP.
The Court recognised that establishing MSP is a multifaceted issue that encompasses economic factors, including differing land and capital costs across states. It expressed that a standardized policy might not be practical and highlighted that the petition seeks a revision of economic policy.
The petition cites the MS Swaminathan Commission Report, which advocates for an MSP set at cost plus a 50% profit margin, indicating that current MSP levels do not meet this recommendation.