India raises minimum support prices for 2018 Rabi crops

06/11/2017,

On 24 October, the Ministry of Agriculture of India increased the Minimum Support Prices (MSP) for 2018 winter - Rabi - crops, currently being planted and to be harvested from March onwards. The MSP for wheat, the main Rabi crop, was increased by INR 110 or 6.8 percent from the previous season to INR 1 735 per quintal (268 USD per tonne), while the MSP for barley was increased by 6.4 percent to INR 1 410 per quintal (218 USD per tonne). MSPs for gram, lentils, rapeseed/mustard and safflower were also raised, and as further incentive for farmers to plant, the Government has also announced additional bonus on these crops. The MSPs are the prices at which the federal government buys food grains from farmers, aimed to boost production and to protect farmers from any sharp fall in the market price of a commodity. Procurement at the new MSPs will begin in April.

Country: India