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Money News

India raises 2016/17 rice purchase price by 60 rupees/100 kg

A labourer pushes a hand cart loaded with sacks of rice at a wholesale market in Kolkata March 14, 2014. REUTERS/Rupak De Chowdhuri/Files

NEW DELHI (Reuters) - India has raised the minimum purchase price for common grades of rice to be paid to local farmers by about 4.3 percent, or 60 rupees, to 1,470 rupees ($21.89) per 100 kg, Farm Minister Radha Mohan Singh said on Wednesday.

India, the world’s second biggest rice producer after China, buys the grain from local farmers to protect them from distress sale and build stocks for welfare programmes.

($1 = 67.1500 Indian rupees)

Reporting by C. K. Nayak; Editing by Subhranshu Sahu

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