By Sabyasachi Samajdar, FoodBizDaily.com Bureau Chief – New Delhi
July 1, 2009 –The Agriculture Ministry, Government of India, has a Minimum Support Price (MSP) of US$ 19.82 per quintal for paddy, up by over $1 from last year.
The ministry is in favor of fixing the MSP of the common variety of paddy at US$ 19.82 a quintal and that of grade-A variety at US$ 20.44.
According to sources, the ministry’s proposal is in step with recommendations of the Commission for Agriculture Costs and Prices, which suggests support prices for different farm commodities.
The government had fixed the MSP of paddy at US$ 17.73 a quintal for the common variety and US$ 18.36 for the grade-A variety last year. Later, Government announced over US$ 1 bonus per quintal paddy.