Consider the following statements with respect to Minimum Support Price (MSP): 1. MSP for a crop is the price at which the government is supposed to procure that crop from farmers if the market price falls below it.2. The MSPs are announced by the Union government on the recommendations of the Food Corporation of India (FCI).Select the correct codes given below: |ForumIAS

Q. Consider the following statements with respect to Minimum Support Price (MSP):
1.MSP for a crop is the price at which the government is supposed to procure that crop from farmers if the market price falls below it.
2.The MSPs are announced by the Union government on the recommendations of the Food Corporation of India (FCI).
Select the correct codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] . Neither 1 nor 2

Answer: A

Notes:

Statement 1: Minimum Support Price (MSP) is the price of the crop is at which the government is supposed to procure that crop from farmers if the market price falls below it.

Statement 2: The statement is incorrect. The MSPs are announced by the Union government on the recommendations of the Commission for Agricultural Costs and Prices (CACP).

Source: https://www.thehindu.com/news/national/committee-on-msp-holds-broad-discussion-on-key-issues-in-first-meeting-but-skm-skips/article65797166.ece

Post-Mains Strategy Session by Mr. Ayush Sinha | ForumIAS