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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Question : The Foreign Trade Policy of India is formulated by which organization?
Option 2: Ministry of Commerce and Industry
Option 3: Ministry of Finance
Option 4: Department of Industrial Policy and Promotion (DIPP)
Question : The Economic Survey of India is prepared by the:
Option 1: Ministry of Finance
Option 2: Reserve Bank of India (RBI)
Option 3: Planning Commission of India
Question : In the context of agricultural production, MSP refers to:
Option 1: Minimum Selling Price
Option 2: Minimum Support Price
Option 3: Maximum Support Price
Option 4: Maximum Selling Price
Question : ______ came into existence on 12 July 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then Agricultural Refinance and Development Corporation.
Option 1: Securities and Exchange Board of India
Option 2: Small Industries Development Bank of India
Option 3: Reserve Bank of India
Option 4: National Bank for Agriculture and Rural Development
Question : The Economic Survey of India is presented annually by which organization?
Option 2: Ministry of Finance
Option 3: Securities and Exchange Board of India (SEBI)
Option 4: Planning Commission
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