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

Reuters: India has raised the minimum purchase price for common grades of rice to be paid to local farmers by about 4.3%, or Rs. 60, to 1,470 ($ 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 programs.