Question : The Minimum Support Price (MSP) is a government-announced price for the procurement of which agricultural commodities?
Option 1: Fruits and vegetables
Option 2: Dairy products
Option 3: Pulses and oilseeds
Option 4: Poultry and meat products
Correct Answer: Pulses and oilseeds
Solution : The correct answer is (c) Pulses and oilseeds, as well as various other agricultural commodities such as cereals, paddy, wheat, sugarcane, cotton, and others.
The MSP is a part of the agricultural price support policy of the Indian government. It is aimed at ensuring remunerative prices to farmers for their produce and providing them with a safety net against any sharp fall in market prices.
The government announces MSPs for various crops based on recommendations from the Commission for Agricultural Costs and Prices (CACP). The MSP is determined considering factors such as production costs, market trends, demand and supply dynamics, and the overall goal of supporting farmers' incomes.
Farmers have the option to sell their crops to government agencies at the MSP or to private buyers in the open market. The MSP serves as a benchmark price to protect farmers' interests and stabilize agricultural prices.
While the MSP primarily covers major agricultural commodities like cereals, pulses, and oilseeds, there are separate schemes and policies in place for other agricultural sectors such as fruits and vegetables, dairy products, poultry, and meat products.
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