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Hi, I am Dr. Aftab Alam, Professor of Economics based in Pune, India
About this video:
This video covers the topic Agricultural Pricing policy or Minimum Support Price. Agricultural Pricing policy to ensure:
remunerative prices to growers for their produce in order to encourage higher investment and production
for safeguarding the interests of consumers by making available food supplies at reasonable prices.
Minimum Support Price is the price at which government purchases crops from the farmers, whatever may be the price for the crops. Minimum Support Price is an important part of India’s agricultural price policy.
Minimum support price is aimed to:
(i) Assure remunerative and relatively stable price environment for the farmers by inducing them to increase production and thereby augment the availability of food grains.
(ii) Improve economic access of food to people.
(iii) Evolve a production pattern which is in line with overall needs of the economy.
Procurement Price - It is the price at which Govt. purchases the crop after harvesting.
The price at which the procured and buffer stock food grains are provided through the PDS is called an issue price.
MSP was started in 1966 in India.
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).
FCI- FCI Act 1964 with an objective of safeguarding the interests of poor farmers, distributing the food grains across the country, maintaining a sustainable level of food grains as Buffer Stock.
Limitations of MSP-
Inflation
Low coverage of MSP
Degrading soil fertility
Lack of private investment
Lack of awareness among small and marginal farmers
This video covers part of TYBCOM, Indian Global Economic Development Syllabus of SPPU (Pune University).
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