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Question
Identify the term used for an agricultural product price set by the Government of India to purchase directly from the farmers.
Identify the term used for an agricultural product price set by the Government of India to purchase directly from the farmers.
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Solution
The correct option is A Minimum support price
Every year, the Food Corporation of India purchases foodgrains from farmers directly at a fixed price. The fixed price is called the minimum support price or MSP. This rate is to safeguard the farmer from price volatility in the open market.
Every year, the Food Corporation of India purchases foodgrains from farmers directly at a fixed price. The fixed price is called the minimum support price or MSP. This rate is to safeguard the farmer from price volatility in the open market.
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