Will legalising MSP reduce import Bill of edible oils and pulses?

Protesting farmers' main demand of legalising minimum support price (MSP) has divided opinion. While one school of thought says that it would lead to crop diversification and help India keep its burgeoning import bill on edible oils and pulses under check, the other opines that it would incentivise farmers to produce low-quality crops.

Contrary to popular perception, India has a trade surplus in agriculture and allied activities, which stood at $18.65 billion during 2022-23 against $15.92 billion in the previous year.

However, the surplus was mainly on account of rice, wheat, sugar, spices and buffalo meat. However, it was dragged