India raises rice purchase price

NEW DELHI: India has raised the minimum purchase price for common grades of rice to be paid to local farmers by about 4.3 percent, or 60 rupees, to 1,470 rupees ($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 programmes.