Business Daily from THE HINDU group of publications
Wednesday, Oct 10, 2007
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Business Daily from THE HINDU group of publications Wednesday, Oct 10, 2007 ePaper |
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Wheat Agri-Biz & Commodities - Agricultural Policy Wheat minimum support price fixed at Rs 1,000
Ban on non-basmati rice to ensure sufficient grains procurement for the Central pool. It will be reviewed later. 
Our Bureau New Delhi, Oct. 9 The Centre has declared a minimum support price (MSP) of Rs 1,000 per quintal for the 2007-08 wheat crop to be marketed from April. The Cabinet Committee on Economic Affairs, which met here on Tuesday, further announced a Rs 50 per quintal bonus — over and above the MSP — on the current year’s paddy crop. This comes along with a decision to ban export of all non-basmati rice “with immediate effect”. The MSP of Rs 1,000 per quintal for the wheat to be sown from November works out Rs 150 higher than the effective procurement price of Rs 850 per quintal paid for the 2006-07 crop. The latter was inclusive of a bonus component of Rs 100. Big jumpIn the case of paddy, the final procurement price for common varieties would be Rs 695 per quintal (MSP of Rs 645 plus bonus of Rs 50), while Rs 725 per quintal (675 plus 50) for Grade ‘A’ paddy. The effective increase over 2006-07 — after factoring in the bonus — comes to Rs 75 per quintal, marking the largest ever jump for any crop year. Regarding the ban on non-basmati exports, the Finance Minister, Mr P. Chidambaram, said that it was occasioned by the need to ensure sufficient rice procurement for the Central pool. “Rice offtake from the public distribution system has doubled from 105 lakh tonnes (lt) in 2002-03 to 212 lt last year. We will review it (the ban) later,” he told presspersons. During 2006-07, the country exported around 3.5 million tonnes of non-basmati rice valued at almost $1 billion. Currently, non-basmati varieties are fetching about $300 per tonne free-on-board. The CCEA also approved the MSPs of other rabi crops for the 2007-08 season: Rs 1,800 per quintal for rapeseed-mustard (against Rs 1,715 for 2006-07), Rs 1,650 for safflower (Rs 1,565), Rs 1,600 for gram (Rs 1,445), Rs 1,700 for masur (Rs 1,545) and Rs 650 for barley (Rs 565). More Stories on : Wheat | Agricultural Policy
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