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Which of the statements given below is/are correct?
1. For the marketing year 2014-2015, the Minimum Support Price (MSP) for wheat in India has been fixed at 1400 per quintal.
2. MSP is the rate at which the government sells the grains through the fair price shops.
Select the correct answer using the codes given below.
Codes
Only 1
Only 2
Both 1 and 2
Neither 1 nor 2
Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices. The minimum support prices are announced by the Government of India at the beginning of the sowing season for certain crops on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP). Crops covered Government announces minimum support prices (MSPs) for 22 mandated crops and fair and remunerative price (FRP) for sugarcane. The mandated crops are 14 crops of the kharif season, 6 rabi crops and two other commercial crops. In addition, the MSPs of toria and de-husked coconut are fixed on the basis of the MSPs of rapeseed/mustard and copra, respectively. The list of crops are as follows.
Cereals (7) - paddy, wheat, barley, jowar, bajra, maize and ragi Pulses (5) - gram, arhar/tur, moong, urad and lentil Oilseeds (8) - groundnut, rapeseed/mustard, toria, soyabean, sunflower seed, sesamum, safflower seed and nigerseed Raw cotton Raw jute Copra De-husked coconut Sugarcane (Fair and remunerative price) Virginia flu cured (VFC) tobacco
By: Atul Sambharia ProfileResourcesReport error
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