Consider the following statements regarding the MSP provided by the Government of India:

1. Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.

2. The major objectives are to support the farmers from distress sales and to procure food grains for public distribution.

3. 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)

4. The Fair and Remunerative Pricing is used in the sugarcane industry to replace the MSP, and is based on the Tendulkar Committee report of reorganizing the sugarcane industry.
Which of the above statements is/are correct?

1 and 2 only

1, 2 and 3 only

2 and 4 only

All of the above