Entry from British & World English dictionary
A minimum price guaranteed to a farmer for agricultural produce and maintained by subsidy or the buying in of surplus stock.
- Indeed, for wheat the support price is now lower than the wholesale price; the support price thus acts as a floor.
- The ASCUs are then reimbursed by the Treasury for any loss related to the difference between the support price and the sales price.
- The Union government has raised the minimum support price for the 1999-2000 wheat crop to Rs 580 per quintal from Rs 550 earlier, according to an agriculture ministry statement.
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