The Food Corporation of India procures foodgrains from the farmers at the government announced __________.

Question

Question

This question was previously asked in

SSC GD Constable (2022) Official Paper (Held On : 09 Feb 2023 Shift 1)

Answer 1

The correct answer is minimum support price.Key Points

The Food Corporation of India procures foodgrains from the farmers at the government announced minimum support price.
The minimum support price is the price at which the government procures crops from the farmers to ensure that they get a fair price for their produce.
The Food Corporation of India is the nodal agency.
The minimum support price is announced by the government every year before the sowing season to ensure that farmers are incentivized to grow crops.
The minimum support price is calculated based on factors such as the cost of production, market price trends, and other factors to ensure that farmers get a fair price for their produce.

Additional Information

Maximum Retail Price is the maximum price at which a product can be sold to the end consumer.
- It is usually fixed by the manufacturer or the government to prevent retailers from overcharging customers.
Competitive Price is the price at which a product is sold in the market based on the demand and supply dynamics.
- It is usually determined by the market forces and can fluctuate based on various factors such as competition, seasonality, etc.
Discounted Price is the price at which a product is sold at a lower price than the market price.
- It is usually offered as a promotional offer or during a sale to attract customers.
- However, it is not a sustainable pricing strategy in the long run.