India raises minimum support prices for 2017 Rabi crops

16/11/2016,

The Ministry of Agriculture of India increased the Minimum Support Prices (MSP) for 2017 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 100 or 6.6 percent from the previous season, to INR 1 625 per quintal (239 USD per tonne), while the MSP for barley was increased by 8.2 percent to INR 1 325 per quintal (195 USD per tonne). MSPs for pulses and oilseeds 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.

Country: India