Consider the following statements:
1. The Minimum Support Price (MSP) is fixed on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP).
2. MSP is not mandatory for the purchase of foodgrains by private traders or companies.
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