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Indian economy miscellaneous
  1. The Minimum Support Price for food grains was introduced in the year :
    1. 1944
    2. 1964
    3. 1974
    4. 1954
Correct Option: C

The National Development Council recognized the need for fixing minimum support price of foodgrains in 1959. However, till the mid 1973-74, Government announced two types of administered prices: Minimum Support Prices and Procurement Prices. The present system was evolved in 1975-76 when MSP for paddy, coarse cereals, wheat and gram were announced.


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