Implementing Legally Binding MSP: A Solution for Farmers' Stability

A parliamentary panel has urged the government to establish a legally binding minimum support price for agricultural produce, arguing it could reduce farmer suicides and boost economic stability. Led by MP Charanjit Singh Channi, the report suggests this change could safeguard farmers, promote rural growth, and enhance food security.

A parliamentary panel urged the government on Tuesday to enforce a legally binding minimum support price (MSP) for agricultural produce, suggesting this could significantly curb farmer suicides and provide essential financial stability. The Standing Committee on Agriculture, head by Congress MP Charanjit Singh Channi, presented a detailed report to Parliament outlining the potential advantages of a legally assured MSP.

The panel's report strongly advocated for a strategic roadmap towards implementing MSP as a legal mandate at the earliest opportunity. Presently, the government determines MSP for 23 commodities based on the Commission for Agricultural Costs and Prices (CACP) recommendations.

By legally binding MSP, the panel believes farmers' livelihoods would receive crucial protection while fostering rural economic growth and bolstering national food security. The committee's primary recommendations included robust MSP systems to reduce farmer suicides, compensation for crop residue management, establishing a National Commission on Minimum Living Wages for Farm Labourers, and introducing a debt waiver scheme.

(With inputs from agencies.)