Consider the following statements with respect to Minimum Support Price (MSP) :
1. It is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.
2. It is based on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2