Question : Statement 1: The minimum support price (MSP) is a government-regulated price at which crops are procured from farmers.
Statement 2: The MSP is determined by the Food Corporation of India (FCI).
Option 1: Both statements are true.
Option 2: Both statements are false.
Option 3: Statement 1 is true, and statement 2 is false.
Option 4: Statement 1 is false, and statement 2 is true.
Correct Answer: Both statements are true.
Solution : The correct answer is (a) Both statements are true.
Statement 1 is true. The minimum support price is a price floor set by the government to protect farmers from fluctuations in market prices. It ensures that farmers receive a minimum guaranteed price for their crops and serves as a safety net for agricultural producers.
Statement 2 is also true. The Food Corporation of India (FCI) is one of the major agencies responsible for the procurement of crops at the minimum support price. It plays a crucial role in implementing the government's MSP policy and procuring crops directly from farmers or through designated agencies.
Therefore, both statements are true. The MSP is a government-regulated price, and it is determined and implemented by agencies like the Food Corporation of India (FCI).
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