Agriculture

Indian Economic System(CSC)

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Indian Economy - Understanding the basics of Indian economic system

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With reference to the Commission for Agricultural Costs & Prices (CACP), consider the following statements

It is a statutory body under the Ministry of Agriculture and Farmers Welfare.
It is mandated to recommend the minimum support prices (MSPs) to the Cabinet Committee on Economic Affairs.

Select the correct statement.

1 only

2 only

Both

None

Explanation:

The Commission for Agricultural Costs & Prices (CACP) is not any statutory body set up through an Act of Parliament. It is an attached office of the Ministry of Agriculture and Farmers Welfare, Government of India. It came into existence in January 1965.
It is mandated to recommend minimum support prices (MSPs) for government procurement to incentivize the cultivators to adopt modern technology, and raise productivity and overall grain production in line with the emerging demand patterns in the country.
The Cabinet Committee on Economic Affairs (CCEA) of the Union government takes a final decision on the level of MSPs and other recommendations made by CACP.

Hence only statement 2nd is correct.

By: Shubham Tiwari

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