Minimum Support Price is related to the ________________.

Agricultural sector

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Industrial sector

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Service sector

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None of the above

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Solution

The correct option is A Agricultural sector
The Minimum Support Price or MSP as it is also known, is the minimum price set up by the government of India for any agricultural product. This price is paid when the government buys directly from the farmers. Major motive behind the MSP is to give the farmers at least the minimum profit. Hence this is related to agricultural sector.

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Similar questions

Multiple choice questions

(i) Which one of the following describes a system of agriculture where a single crop is grown on a large area?

(a) Shifting Agriculture

(b) Plantation Agriculture

(d) Intensive Agriculture

(ii) Which one of the following is a rabi crop?

(a) Rice

(b) Gram

(d) Cotton

(iii) Which one of the following is a leguminous crop?

(a) Pulses

(b) Jawar

(d) Sesamum

(iv) Which one of the following is announced by the government in support of a crop?

(a) Maximum support price

(b) Minimum support price

(d) Influential support price

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