India raises minimum support prices for 2018 Kharif crops

10/07/2018,

The Ministry of Agriculture and Farmers Welfare of India increased the Minimum Support Prices (MSP) for 2018 Kharif crops, now being planted and to be harvested from September onwards (GIEWS Country Brief). The Government raised the Minimum Support Prices (MSP) of common (non-basmati) grade paddy rice, the main Kharif crop, by 13 percent or INR 200 (USD 2.9) to INR 1 750 (USD 25.5) per quintal and to INR 1 770 (USD 25.8) per quintal the price for A grade variety. The MSP of maize was increased by 19 percent or INR 275 (USD 4) to INR 1 700 (USD 24.8) per quintal. MSPs for oilseeds were also raised substantially. The MSPs are the prices at which the Federal Government buys food grains from farmers, with the aim to boost domestic production and ensure remunerative prices to farmers.

Country: India