Question
Consider the following statements regarding the Minimum
Support Price (MSP) system in India: I. MSP is the rate at which the government purchases crops from farmers. II. It is based on a calculation of at least one-and-a-half times the cost of production incurred by farmers. III. MSP is fixed thrice a year on the recommendations of the Commission for Agricultural Costs and Prices (CACP). Which of the statements given above is/are not correct?Solution
MSP is the rate at which the government purchases crops from farmers, and is based on a calculation of at least one-and-a-half times the cost of production incurred by the farmers. Union Budget for 2018-19 had announced that MSP would be kept at levels of 1.5 the cost of production. MSP is fixed twice a year on the recommendations of the CACP, which is a statutory body.
What is the total span of the Sigandur cable-stayed bridge inaugurated in Karnataka?
Recently from 25 to 27 March, 2022 the India Boat & Marine Show (IBMS) , 4th edition was organized in which part of the country?
How much relief assistance did India provide to earthquake-hit Vanuatu in December 2024?
According to the market capitalization, October 2021 which oil company became the largest oil company in the world?
Consider the following statements with respect to share of agriculture in India's GDP-
I.Share of agriculture in India's GDP declined to 20 per...
Insurance firms have to obtain prior approval from which organization to launch new products?
What was the focus of the 2nd Asia Pacific Ministerial Conference on Civil Aviation held in New Delhi?
Which state government recently approved the 'CM Tourism Fellowship Programme,' aimed at selecting researchers to promote tourism and attract investment...
What is the targeted number of women to benefit from the Women Entrepreneurship Program launched by NSDC?
In 2023, how much did the fundraising through Initial Public Offerings (IPOs) drop compared to the previous year?