Question : The Minimum Support Price (MSP) for agricultural produce in India is announced by which organization?
Option 1: Reserve Bank of India (RBI)
Option 2: Ministry of Agriculture
Option 3: Food Corporation of India (FCI)
Option 4: Ministry of Commerce and Industry
Correct Answer: Ministry of Agriculture
Solution : The correct answer is (b) Ministry of Agriculture.
The Ministry of Agriculture, under the Government of India, is responsible for formulating and implementing policies and programs related to agriculture, including the determination of Minimum Support Prices.
The Minimum Support Price (MSP) is the price at which the government procures agricultural commodities from farmers to ensure a fair and remunerative price for their produce. The MSP serves as a safety net for farmers, protecting them from market fluctuations and ensuring a minimum level of income for their crops.
The MSP announcement plays a crucial role in agricultural marketing and provides farmers with an assurance of a minimum price for their produce. It aims to incentivize agricultural production, ensure food security, and improve the economic well-being of farmers.
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