AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

MUMBAI/NEW DELHI: India on Wednesday raised the government-mandated price for summer-sown crops such as rice, soybean and cotton as Prime Minister Narendra Modi looks to woo millions of farmers ahead of key state elections later this year.

The country announces support prices for more than a dozen crops each year to set a benchmark. But analysts say the hike could hit government finances and also lift food inflation.

India has raised the price at which it will buy new-season common rice paddy from farmers by 5.4% to 2,300 rupees ($27.57) per 100 kg, the information minister Ashwini Vaishnaw said on Wednesday after a cabinet meeting chaired by Modi.

Higher prices will encourage farmers to boost output in the world’s second-biggest rice producer, and bountiful harvests could encourage the government to relax a ban on some exports. India is the world’s biggest exporter of rice.

The paddy buying price has been raised to reflect the rising cost of production, which will encourage farmers to boost production, said B.V. Krishna Rao, president of the Rice Exporters Association of India.

“However, this will also make Indian rice more expensive for overseas buyers. To mitigate this, the government should reduce the export duty from 20% to 15%,” Rao said.

India has imposed a 20% duty on exports of parboiled rice after banning shipments of white rice last year.

Every year authorities raise the support prices of staples such as rice and wheat to build stockpiles to run the world’s biggest food welfare programme, which entitles poor people to free grains.

Comments

Comments are closed.

KU Jun 20, 2024 11:43am
We should export our Raj baboos to India so that they can advise them not to raise crop prices and do what baboos do best in Pakistan, ''let the market price exploit the farmers''.
thumb_up Recommended (0)