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Question
Which one of the following is announced by the government in support of a crop?
Which one of the following is announced by the government in support of a crop?
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Solution
The correct option is A Minimum support price
Minimum Support Price (MSP) is the price at which the Government purchases crops from the farmers. (Sometimes the purchase price can be more than the MSP. The MSP basically serves as a floor price to provide guaranteed minimum prices to farmers)
The Commission for Agricultural Costs and Prices (CACP) recommends the MSP for 23 crops (14 Kharif crops, 6 rabi crops as well as sugarcane, jute and copra) before the commencement of the sowing season. The Food Corporation of India (FCI), state agencies and co-operatives procures crops from the farmers to ensure the implementation of the MSP scheme.
Minimum Support Price (MSP) is the price at which the Government purchases crops from the farmers. (Sometimes the purchase price can be more than the MSP. The MSP basically serves as a floor price to provide guaranteed minimum prices to farmers)
The Commission for Agricultural Costs and Prices (CACP) recommends the MSP for 23 crops (14 Kharif crops, 6 rabi crops as well as sugarcane, jute and copra) before the commencement of the sowing season. The Food Corporation of India (FCI), state agencies and co-operatives procures crops from the farmers to ensure the implementation of the MSP scheme.
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