Which of the following bodies recommends minimum support price for crops?

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NTPC CBT-I (Held On: 4 Jan 2021 Shift 2)
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  1. NITI Ayog
  2. NABARD
  3. CACP
  4. FCI

Answer (Detailed Solution Below)

Option 3 : CACP
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Detailed Solution

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The correct answer is CACP.

Key Points

  • The full form of CACP is The Commission for Agricultural Cost and Prices.
  •  It is a decentralized agency and the advisory body to the Ministry of Agriculture & Farmers Welfare of the Government of India.

Important Points 

  • It was established in 1965 as the Agricultural Prices Commission and was renamed with the present name in 1985.
  • CACP recommends Minimum Supporting Price to Cabinet Committee on Economic Affairs (CCEA) which is not binding on it.

Additional Information 

  • NITI Ayog
    • It is a public policy think tank of the Government of India.
    • It is established with the aim to achieve sustainable development goals with cooperative federalism by fostering the involvement of State Governments of India in the economic policy-making process. 
  • NABARD
    • It stands for National Bank for Agriculture and Rural Development.
    • It is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
    • It comes under the jurisdiction of the Ministry of Finance, Government of India.
  • FCI
    • The FCI stands for The Food Corporation of India.
    • It is a statutory body created and run by the Government of India.
    • It comes under the jurisdiction of the Ministry of Consumer Affairs, Food and Public Distribution.
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