Read the given passage and answer the following questions:

Some measures were initiated to improve the marketing aspect of agriculture. The first step was regulation of markets to create orderly and transparent marketing conditions. Hence this policy benefited the farmers and as well as consumers. Another measure is physical infrastructure facilities like roads, railways, Godowns, storages, warehouses and processing units. The thrid aspect is cooperative marketing in realising fair prices for farmers. The fourth element of policy instrument of Govt is assurance of minimum support prices for Agricultural products and maintenance of buffer stocks of wheat and rice by food corporation of India and distribution of food grains and sugar through PDS. These instruments are aimed at protecting the income of the farmers and providing food grains at a subsidised rate to the poor.

What is MSP?

It is the minimum support price

The correct answer is Option (1) → It is the minimum support price

MSP stands for Minimum Support Price. It is a government-set price at which it purchases crops from farmers, aiming to ensure that farmers receive a minimum profit for their harvests regardless of market fluctuations.