Correct option is B
The correct answer is: (B) One-and-a-half times the cost of production
Explanation:
In the Union Budget for 2018-19, the government of India announced a significant policy regarding the Minimum Support Price (MSP) for the principal crops. The pre-determined principle was to ensure that the MSP for these crops would be one-and-a-half times the cost of production.
This initiative aimed to provide farmers with a fair return on their investment and improve their income, thereby supporting the agricultural sector.
Information Booster:
- The decision to fix MSP at 1.5 times the cost of production was a significant step to increase the income of farmers and address the issue of farm distress.
- The Cost of Production includes the total cost incurred by the farmer in producing a crop, such as labor, seeds, water, fertilizers, and other inputs.
- The announcement was part of the Agricultural Income Enhancement Programme, aiming to provide relief to the farming community.
- This initiative is part of the larger effort to double farmers' income by 2022, a goal set by the government.
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