Shubham

Ideally for a 15 mark question, you should be writing 2.5- 3 pages. Your concept and crux of the answer is fine but more elaboration can be done.
In introduction, definition can be a bit more proper. As the name suggests, MSP is the price which the government offers(subsidy is borne by the government)..also it is for 23 commodities including sugarcane.
Objectives are fine, you can use a flow diagram for mentioning it as it is not exclusively asked.
In issues, in 1st point you have mentioned that only rice and wheat is procured by the government- not true, although these cereals form a major part of the procurement- frame the point accordingly.
Other points are fine, you can also talk about procurement related problems; an overreliance of farmers on the MSP system which distorts the open market; incentivizes production beyond requirements etc
In alternatives, cash support is a good point; other points are also decent; you can also mention legally enforcing MSP, price deficiency payment system, area planning by government for cropping which could help in overcoming over-supply and falling price problems etc
Conclusion is fine.
Keep practicing. 🙂

5.5/15