FUTURE TRENDS IN FOOD TECHNOLOGY
GLOBALIZATION AND FOOD SECURITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Issue price
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Fair price
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Market price
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Minimum support price.
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Detailed explanation-1: -The minimum support prices are announced by the Government of India at the beginning of the sowing season for certain crops on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP).
Detailed explanation-2: -Minimum Support Price (MSP) is announced at the beginning of the sowing season for certain crops.
Detailed explanation-3: -Minimum Support Price (MSP) is a form of government intervention to insure the farmers against a steep decline in the prices of their goods and to help them prevent losses. It is the minimum price set by the government for certain agricultural products. The farmers are paid a pre-announced price for their crops.
Detailed explanation-4: -Every year, the minimum support price is declared by the government before the sowing season. The MSP acts as an incentive for farmers to grow more crops. The surplus foodgrains are then purchased by the Food Corporation of India and stored in granaries.