Question

Regulated Market 

Regulated market is a wholesale market where buying and selling are regulated and controlled by the state government through the market committee. 
Regulated market aims 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 agricultural market are cash transactions, short weights, excessive market charges, unauthorized deduction, and the absence of machinery to settle disputes between sellers and buyers. These defects and malpractices can be recovered by the establishment of 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. are controlled. 
Questions:
(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.      (1)
 

Hint:

Regulated markets aim to establish transparency, fairness, and efficiency by controlling malpractices and setting up dispute resolution systems.

Answer 1

(1) Which act regulates the market?
The **Bombay Agricultural Product Market Act-1939** regulates the market. According to this act, the state government controls the wholesale market to ensure fair practices and eliminate malpractices. 

(2) What are the poor standards in primary and secondary markets?
The poor standards in primary and secondary markets include: 1. **Cash Transactions**: Transactions are conducted in cash, which can be prone to fraud. 2. **Short Weights**: Goods may be sold with short weights, leading to unfair trading practices. 3. **Excessive Market Charges**: Sellers may be charged excessive fees for using market facilities. 4. **Unauthorized Deductions**: Unauthorized deductions may be made from the price received by the seller. 5. **Lack of Machinery for Dispute Resolution**: There is no effective system to resolve disputes between sellers and buyers. 

(3) Give your opinion with reference to the above passage.
In my opinion, the establishment of a **regulated market** is essential to eliminate the malpractices mentioned above. By ensuring fair practices, transparent charges, and a proper dispute resolution mechanism, regulated markets can improve the efficiency and fairness of agricultural trade. The government's control through laws like the **Bombay Agricultural Product Market Act-1939** is a necessary step toward protecting both producers and consumers from exploitation and promoting a healthier market environment. Furthermore, controlled markets for essential commodities like cereals, fruits, and tobacco can stabilize prices and ensure equitable trade. 

Final Answer: \[ \boxed{The \; Bombay \; Agricultural \; Product \; Market \; Act-1939 \; regulates \; the \; market.} \]