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Who recommends the Minimum Support Price (MSP) and Issue Price?
1. Ministry of Agriculture
2. Planning Commission
3. Commission for Agricultural Costs and Prices
4. NABARD

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Correct Answer - Option 3 : Commission for Agricultural Costs and Prices

The Correct answer is Commission for Agricultural Costs and Prices.

 

  • CACP recommends MSP to Cabinet Committee on Economic Affairs (CCEA) and its decision/recommendations are not binding.
  • It is a statutory body under the Ministry of Agriculture.

 

Planning Commission

  • The Planning Commission of India was set up by a Resolution of the Government of India in March 1950.
  • The planning commission was an autonomous body, which worked closely with the union and state cabinets and had full knowledge of their policies.
  • Institutionally it was a part of the cabinet organization and the ‘demands for grants’ for the PC were included in the budget for the cabinet secretariat.

NABARD

  • NABARD is a development bank focussing primarily on the rural sector of the country.
  • It is the apex banking institution to provide finance for Agriculture and rural development. Its headquarter is located in Mumbai.
  • It is a statutory body established in 1982 under Parliamentary act-National Bank for Agriculture and Rural Development Act, 1981.

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