Question
Download Solution PDFMinimum Support Price for 2018-19 for Maize is set at _______
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is ₹1,700 per quintal.
- Minimum Support Price for 2018-19 for Maize is set at ₹1,700 per quintal.
Key Points
- Minimum Support Price:
- The MSP is the rate at which the government buys grains and crops from farmers.
- The idea of MSP is to counter the price volatility of agricultural commodities due to the factors like the variation in their supply, lack of market integration and information asymmetry.
- The MSP is fixed on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
- The CACP is an office that works under the Ministry of Agriculture and Farmers Welfare, formed in 1965.
- It is a statutory body that submits separate reports recommending prices for Kharif and Rabi seasons.
- National Commission on Farmers was recommended by the Swaminathan Committee.
Important Points
- The government has increased the MSPs of tur dal by Rs. 125 per quintal and uraddal by Rs. 100 per quintal.
- Minimum Support Price for 2019-20 for Maize is set at ₹1,760 per quintal.
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