Who determines the minimum support price in India?a)The Commission for Agricultural Costs and Pricesb)The Agriculture Ministryc)The Finance Commissiond)NABARDCorrect answer is option 'A'. Can you explain this answer?

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Who determines the minimum support price in India?

a)
The Commission for Agricultural Costs and Prices
b)
The Agriculture Ministry
c)
The Finance Commission
d)
NABARD

Correct answer is option 'A'. Can you explain this answer?

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Verified Answer

Who determines the minimum support price in India?a)The Commission for...

The correct answer is The Commission for Agricultural Costs and Prices.

Based on the recommendations of the Commission for Agricultural Costs and Prices, the Department of Agriculture and Co-operation, Government of India, declares Minimum Support Prices (MSP) for 22 crops before their sowing seasons.

Key Points

The CACP is an attached office of the Ministry of Agriculture and Farmers Welfare, formed in 1965.
It is a statutory body that offers separate reports recommending prices for Kharif and Rabi seasons.

Additional Information

Cost of farming at three levels:
- A2: All the types of cash expenditure to create the crop like seeds, manure, chemicals, labour costs, fuel costs and irrigation costs.
- A2+FL: It includes A2 plus an imputed value of unpaid family labour.
- C2: Under C2, the estimated land rent and the cost of interest on the money taken for farming are added to A2 and FL.
On 18^th November 2004, the Union government formed the National Commission on Farmers (NCF) with MS Swaminathan as its chairman.
The main purpose of the committee was to come up with a sustainable farming system, make farm commodities cost-competitive and more profitable.

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Who determines the minimum support price in India?a)The Commission for Agricultural Costs and Pricesb)The Agriculture Ministryc)The Finance Commissiond)NABARDCorrect answer is option 'A'. Can you explain this answer?

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