Introduction:
The Minimum Support Price (MSP) for food grains is a mechanism implemented by the Indian government to ensure that farmers receive a fair price for their agricultural produce. It was introduced in the year 1964.

Explanation:
The Minimum Support Price (MSP) is a form of agricultural price support and is an important component of India's agricultural policy. It is the price at which the government purchases crops from farmers to protect them from any sharp fall in market prices. The MSP acts as a safety net for farmers, ensuring that they receive a minimum price for their produce, irrespective of market fluctuations.

Reason for introduction in 1964:
The introduction of the Minimum Support Price (MSP) in 1964 was a result of the Green Revolution that took place in India during the 1960s. The Green Revolution was a period of significant agricultural advancements, including the adoption of high-yielding varieties of seeds, increased use of fertilizers and pesticides, and the introduction of modern irrigation techniques.

During this time, the government recognized the need to incentivize farmers to adopt these new agricultural technologies and techniques. The MSP was introduced as a means to ensure that farmers received a fair and remunerative price for their agricultural produce, which would motivate them to invest in these new technologies and increase their agricultural output.

Impact of MSP:
The Minimum Support Price (MSP) has had a significant impact on India's agriculture sector. It has provided stability to farmers by assuring them a minimum price for their crops, thereby reducing their vulnerability to market fluctuations. This has encouraged farmers to invest in improved agricultural practices, leading to increased productivity and food grain production in the country.

The MSP has also played a crucial role in achieving food security in India. It has ensured a steady supply of food grains by incentivizing farmers to produce more. The government procures food grains at MSP and utilizes them for various welfare programs such as the Public Distribution System (PDS) and the National Food Security Act, which aim to provide subsidized food grains to the economically disadvantaged sections of society.

Conclusion:
The Minimum Support Price (MSP) for food grains was introduced in the year 1964. It was a response to the Green Revolution and aimed to provide a fair and remunerative price to farmers for their agricultural produce. The MSP has played a crucial role in ensuring stability for farmers, increasing agricultural productivity, and achieving food security in India.

Food Corporation of India was set up on 14 January 1965 having its first District Office at Thanjavur - rice bowl of Tamil Nadu - and headquarters at Chennai under the Food Corporations Act 1964 to implement the following objectives of the National Food Policy: Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.