Question

Study the following passage and answer the questions given below it:

Regulated market is wholesale market where buying and selling are regulated and controlled by the state government through the market committee.          Regulated markets aim at the elimination of unhealthy and unscrupulous practices regarding charges and providing facilities to producers and sellers in the market. The poor standards of primary and secondary markets in the agricultural market are cash transactions, short weights, excessive market charges, unauthorized deductions, and the absence of machinery to settle disputes between sellers and buyers. These defects and malpractices can be recovered by the establishment of a regulated market. According to the Bombay Agricultural Product Market Act-1939, this market is controlled. In this market, mainly the trade of cereals, fruits, tobacco, cotton, groundnut, coconut, betel nut, potatoes and turmeric, etc. is controlled.

1. Which act regulates the market? (1)
2. What are the poor standards in primary and secondary markets? (1)
3. Give your opinion with reference to the above passage. (2)

Answer 1

1. The market is regulated by the Bombay Agricultural Product Market Act-1939.
2. The poor standards in primary and secondary agricultural markets include cash transactions, short weights, excessive market charges, unauthorized deductions and the absence of machinery to settle disputes between sellers and buyers.
3. Regulated markets play a crucial role in eliminating unfair trade practices and ensuring fair transactions for both producers and sellers. The passage highlights the defects in unregulated markets, such as short weights, high market charges, and unauthorized deductions. Establishing regulated markets under government supervision creates a transparent and efficient agricultural trading system, ensuring fair prices, reducing exploitation, and benefiting both farmers and consumers.