Print Edition - 2017-06-21  |  Money Digest

India raises rice buying prices

- Reuters, NEW DELHI

Jun 21, 2017-

India raised minimum purchase prices for rice, cotton and other crops by the most since Prime Minister Narendra Modi came to power in 2014, according a government circular seen by Reuters, amid ongoing protests in the country’s biggest farming states. Prices paid to local farmers for common grade paddy rice are to be raised by 5.4 percent to 1,550 rupees ($24.03) per 100 kg for the year starting on July 1, while long staple cotton prices have been hiked by 3.8 percent to 4,320 rupees per 100 kg. The increases for rice, cotton and other crops follow an outburst of discontent in the heartland states of Madhya Pradesh and neighbouring Maharashtra as farmers sought higher prices and debt relief. Five protesting farmers were shot dead this month in the central state of Madhya Pradesh, which along with Maharashtra is ruled by Modi’s Bharatiya Janata Party (BJP).

Published: 21-06-2017 08:22

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