Economics

The new name for Agricultural Prices Commission is 


ANSWER

Commission for Agricultural Costs and Prices


SOLUTION

Commission for Agricultural Costs and Prices (CACP) is a decentralised agency of the Government of India. It was established in 1965 as the Agricultural Prices Commission, and was given its present name in 1985. It is an attached office of the Ministry of Agriculture & Farmers Welfare, Government of India. The Commission for Agricultural Costs & Prices (CACP) is an attached office of the Ministry of Agriculture and Farmers Welfare, Government of India. It came into existence in January 1965. Currently, the Commission comprises a Chairman, Member Secretary, one Member (Official) and two Members (Non-Official). The MSP is usually based on the recommendations by the Commission for Agricultural Costs and Prices. This estimation is usually done based on three types of calculation methods. These are A2 method, A2+FL method and C2 method. ... After calculating these, MSP is set at 50% above the derived amount.

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