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India Government Finalizes 5% Increase in Minimum Support Price of Paddy Rice for 2013-14

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The Indian government has approved the 2013-14 (October - September) minimum support price (MSP) at Rs.1,310 per quintal (about $217 per ton, using current exchange rates) for common paddy rice, which is up about 5% from around Rs 1,250 per quintal (about $225 per ton, using historical exchange rates) in the previous year.

The 2013-14 MSP for grade ‘A’ variety has been fixed at Rs. 1,345 per quintal (about $223 per ton, using current exchange rates), also up about 5% from 1,280 per quintal (about $230 per ton, using historical exchange rates) in the previous year. While prices are higher in local currency, the falling value of the rupee against the U.S. dollar means prices in USD are actually lower compared to last year. The new prices are mostly according to the recommendations of the Commission for Agriculture Costs and Prices (CACP).

In 2012-13, the government had increased the MSP of paddy rice by around 16% from the previous year. However, the CACP suggested a lower MSP for paddy rice this year due to surplus rice stocks in the country and to encourage farmers to plant more pulses and oilseeds which the country imports now. The 2013-14 MSP for oilseeds and pulses are up about 13% and 11% respectively from 2012-13 MSP.

Courtesy : http://oryza.com/content/india-government-finalizes-5-increase-minimum-s...

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