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Consider the following statements:
1. Minimum Support Price(MSP) is the rate at which the government buys grains from farmers.
2. It is fixed on the recommendations of the Cabinet Committee of Economic Affairs.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Consider the following statements:1. Minimum Support Price(MSP) is the...
MSP is the minimum price set by the Government at which farmers can expect to sell their produce for the season. When market prices fall below the announced MSPs, procurement agencies step in to procure the crop and ‘support’ the prices. The Cabinet Committee of Economic Affairs announces MSP for various crops at the beginning of each sowing season based on the recommendations of the Commission for Agricultural Costs and Prices (CACP). The CACP takes into account demand and supply, the cost of production and price trends in the market among other things when fixing MSPs.
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Consider the following statements:1. Minimum Support Price(MSP) is the rate at which the government buys grains from farmers.2. It is fixed on the recommendations of the Cabinet Committee of Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements:1. Minimum Support Price(MSP) is the rate at which the government buys grains from farmers.2. It is fixed on the recommendations of the Cabinet Committee of Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. Minimum Support Price(MSP) is the rate at which the government buys grains from farmers.2. It is fixed on the recommendations of the Cabinet Committee of Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. Minimum Support Price(MSP) is the rate at which the government buys grains from farmers.2. It is fixed on the recommendations of the Cabinet Committee of Economic Affairs.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
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