Question
Download Solution PDFUnder the minimum support price (MSP) the minimum guaranteed prices are fixed to set a floor below which market prices cannot fall. In case no one buys it, the ______ will buy the stock at this minimum guaranteed prices.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is government.
- Under the minimum support price (MSP) the minimum guaranteed prices are fixed to set a floor below which market prices cannot fall. In case no one buys it, the government will buy the stock at this minimum guaranteed prices.
Key Points
- The MSP is fixed on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
- The Cabinet Committee on Economic Affairs (CCEA) takes a final decision on the MSPs.
- The Food Corporation of India (FCI) is the nodal central agency of India, along with other State Agencies that undertakes procurement of crops.
Additional Information
- The CACP is an attached office of the Ministry of Agriculture and Farmers Welfare.
- It is formed in 1965.
- It is a statutory body.
- It submits separate reports recommending prices for Kharif and Rabi seasons.
Last updated on May 26, 2025
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