The extent of relevance of international financial standards and codes, the task of implementation and the legal as well as other processes by which these standards are implemented would necessarily depend on the country concerned.
The minimum support price is set by the government on the recommendations of the CACP, based on a variety of factors including primarily the cost of production and price trends in the market (domestic and international). The crops covered under MSP constitute more than a third of the category ‘primary articles’ in the WPI.