Which of the following is a government announcement in support of a crop?

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Maximum support price

Minimum support price

Moderate support price

Influential support price

answer is B.

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Detailed Solution

A minimum Support Price is a government announcement in support of a crop. The price at which the government purchases crops from farmers is known as the Minimum Support Price (MSP). On occasion, the purchasing price may exceed the MSP. The MSP essentially acts as a floor price to give farmers guaranteed minimum prices. Before the start of the sowing season, the Commission for Agricultural Costs and Prices (CACP) proposes the MSP for 23 crops (14 Kharif crops, six rabi crops, and sugarcane, jute, and copra). To ensure the MSP system is implemented, the Food Corporation of India (FCI), state agencies, and cooperatives purchase commodities from the farmers.

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