The Food Corporation of India (FCI) purchases wheat and rice for the government from the farmers of surplus states at pre-announced prices. This price is called ‘Minimum Support Price’ (MSP).
It helps in ensuring food security by several means-
(a) For farmers it gives surety to their crop price and will be encouraged to grow certain crop.
(b) For government it ensures that they should have enough crop to buy for their buffer stock and public welfare programs,
(c) For public this ensures that prices of a commodity will be stable and within their reach

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