The Minimum Support Price (MSP) is a cornerstone of India’s agricultural policy, designed to protect farmers from price volatility and ensure food security. This paper examines the current status of MSP in India, analyzing its historical evolution, implementation, effectiveness, and challenges. It explores themes such as limited reach, regional disparities, environmental impacts, fiscal burdens, and the debate over legal guarantees. Drawing on recent data and policy developments, the paper evaluates MSP’s role in supporting farmers and proposes reforms like price deficiency payments and private sector involvement to enhance its efficacy.