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Govt raises common rice purchase price

Govt raises common rice purchase price
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First Published: Thu, Jun 09 2011. 06 28 PM IST
Updated: Thu, Jun 09 2011. 06 28 PM IST
New Delhi: The union cabinet on Thursday approved raising the price at which it buys rice from local farmers, the government said in a statement.
The purchase price for common rice has been increased to Rs 1,080 ($24.2) per 100 kg for 2011/12 crop year, from Rs 1,000 a year ago, while superior-grade rice price has been raised to Rs 1,110 per 100 kg from Rs 1,030 in 2010/11.
The government also raised the 2011/12 purchase price for soybean and corn by 17.4% to Rs 1,650 per 100 kg and Rs 980 per 100 kg respectively.
The minimum support price is the floor price which the government pays to farmers to assure them of an income in case market prices crash.
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First Published: Thu, Jun 09 2011. 06 28 PM IST
More Topics: Rice | MSP | Minimum Support Price | Soybean | Corn |