Question

What does the regulated market committee consist of? Mention the functions of the committee.

Answer 1

A regulated market (RM) or controlled market is an idealized system where the government controls the forces of supply and demand, such as who is allowed to enter the market and/or what prices may be charged. It is controlled by Regulated Market Committee (RMC). The main objective of establishing RMCs is to facilitate backward and forward market integration of agricultural produce, which ultimately leads to remunerative price realization to the producers and availability of quality products to the consumers. The RMCs ensure payment of the fair price to the agriculturists. An RMC works as a facilitator between the farmers and the procuring agencies. RMC is a revenue earning body and it earns its revenue by charging 2% of the transaction amount for providing these above-mentioned facilities.