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Consider the following statements regarding the Minimum Support Price (MSP) system in India:
1. The MSP is determined solely by the Ministry of Agriculture and Farmers' Welfare and does not require the involvement of any other governmental committee.
2. The primary objective of the MSP is to ensure that farmers receive at least 1.5 times the cost of production for their crops.
3. The MSP regime applies uniformly across all crops cultivated in India and ensures procurement by the government.
Which of the statements given above is/are correct?
  • a)
    1 Only
  • b)
    1 and 2 Only
  • c)
    2 Only
  • d)
    2 and 3 Only
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding the Minimum Support Price...
Let's evaluate each statement for accuracy:
1. Statement 1: Incorrect. The MSP is not determined solely by the Ministry of Agriculture and Farmers' Welfare. It is determined by the Cabinet Committee on Economic Affairs, which is chaired by the Prime Minister, based on recommendations from the Commission for Agricultural Costs and Prices (CACP).
2. Statement 2: Correct. One of the primary objectives of the MSP is to ensure that farmers receive at least 1.5 times the cost of production for their crops. This aligns with the Union Budget 2018-19 commitment to set MSPs at least 1.5 times the All-India weighted average cost of production.
3. Statement 3: Incorrect. The MSP regime does not apply uniformly across all crops cultivated in India. It is announced for a specific set of 22 mandated crops and a fair and remunerative price for sugarcane, totaling 23 crops. Many crops are not covered under the MSP regime, which leaves farmers of those crops vulnerable to market fluctuations.
Thus, only Statement 2 is correct, making Option C the right choice.
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Consider the following statements regarding the Minimum Support Price (MSP) system in India:1. The MSP is determined solely by the Ministry of Agriculture and Farmers' Welfare and does not require the involvement of any other governmental committee.2. The primary objective of the MSP is to ensure that farmers receive at least 1.5 times the cost of production for their crops.3. The MSP regime applies uniformly across all crops cultivated in India and ensures procurement by the government.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)2 Onlyd)2 and 3 OnlyCorrect answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding the Minimum Support Price (MSP) system in India:1. The MSP is determined solely by the Ministry of Agriculture and Farmers' Welfare and does not require the involvement of any other governmental committee.2. The primary objective of the MSP is to ensure that farmers receive at least 1.5 times the cost of production for their crops.3. The MSP regime applies uniformly across all crops cultivated in India and ensures procurement by the government.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)2 Onlyd)2 and 3 OnlyCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Minimum Support Price (MSP) system in India:1. The MSP is determined solely by the Ministry of Agriculture and Farmers' Welfare and does not require the involvement of any other governmental committee.2. The primary objective of the MSP is to ensure that farmers receive at least 1.5 times the cost of production for their crops.3. The MSP regime applies uniformly across all crops cultivated in India and ensures procurement by the government.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)2 Onlyd)2 and 3 OnlyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Minimum Support Price (MSP) system in India:1. The MSP is determined solely by the Ministry of Agriculture and Farmers' Welfare and does not require the involvement of any other governmental committee.2. The primary objective of the MSP is to ensure that farmers receive at least 1.5 times the cost of production for their crops.3. The MSP regime applies uniformly across all crops cultivated in India and ensures procurement by the government.Which of the statements given above is/are correct?a)1 Onlyb)1 and 2 Onlyc)2 Onlyd)2 and 3 OnlyCorrect answer is option 'C'. Can you explain this answer?.
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