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📈 EconomyUPSC 2015Fundamentals of Economy

The Fair and Remunerative Price (FRP) of sugarcane is approved by the:

aCabinet Committee on Economic Affairs.
bCommission for Agricultural Costs and Prices.
cDirectorate of Marketing and Inspection, Ministry of Agriculture
dAgricultural Produce Market Committee
✓ Correct answer: a) Cabinet Committee on Economic Affairs.
ExplanationThe Fair and Remunerative Price (FRP) is the price set by the government that mills are legally required to pay farm- ers for the sugarcane they purchase.It is mandated under the Sugarcane Control Order, 1966 published under the Essential Commodities Act (ECA), 1955. The FRP is announced by the Cabinet Committee on Economic Affairs (CCEA), and it serves as a benchmark price for sugar mills to pay farmers.The Cabinet Committee on Economic Affairs (CCEA) announces the decision following the Commission on Ag- ricultural Costs and Prices’ (CACP) recommendation.49

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