WBCS.LIVE practice question

The Minimum Support Price (MSP) for crops is recommended by which body?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. NITI Aayog
  2. Reserve Bank of India
  3. NABARD
  4. Commission for Agricultural Costs and Prices (CACP)

Correct answer and explanation

Correct answer: Commission for Agricultural Costs and Prices (CACP)

Explanation: āœ… Correct Answer: D) Commission for Agricultural Costs and Prices (CACP) šŸ“š Explanation: The Minimum Support Price (MSP) acts as a crucial safety net for Indian farmers against sharp falls in agricultural prices. It is officially recommended to the government by the Commission for Agricultural Costs and Prices (CACP). The final decision to approve and announce the MSP is taken by the Cabinet Committee on Economic Affairs (CCEA).