With reference to the Minimum Support Price (MSP) in India, consider the following statements:
1. It is a form of market intervention by the State Government to insure agricultural producers against any sharp fall in farm prices.
2. The minimum support prices are announced at the beginning of the sowing season for certain crops.
3. It is announced on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP).
Which of the above statement is/are correct?
1
1 and 3 only
2
2 and 3 only
3
1 and 2 only
4
1, 2, and 3