As per the decision by the Cabinet Committee on Economic Affairs (CCEA) of the Government of India in 2023, the MSP for Paddy (Common) has been fixed at _________ higher than the last season
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e 7 %.
- The decision to fix the MSP for Paddy (Common) at 7% higher than the last season reflects the government’s commitment to supporting farmers by providing a higher guaranteed price for their produce.
- This increase is designed to help farmers manage rising production costs, improve their income, and stabilize their economic conditions. It is a key aspect of India’s agricultural policy aimed at ensuring fair compensation for farmers and promoting stability in the agricultural sector.
- MSP: Minimum Support Price is the minimum price at which the government guarantees to buy certain crops from farmers. It is intended to ensure that farmers receive a remunerative price for their produce, protecting them from price fluctuations and market volatility.
- Purpose:
- Farmer Protection: MSP aims to provide a safety net to farmers by guaranteeing a minimum price for their crops, ensuring they can cover their production costs and earn a reasonable profit.