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December 5, 2008

 

India government favours 8 percent hike in wheat state-set price

 

 

India's federal farm ministry favours an INR800 (US$16.10) a tonne hike in the state-set buying price for wheat for the next marketing year beginning April 1, a senior ministry official said Friday (December 5).

 

"We have endorsed an INR10,800/tonne purchase price for wheat," said the official, who didn't wish to be named. This is the price at which the federal government buys wheat from farmers.

 

The state purchase price is INR10,000/tonne for the marketing year that ends March 31, 2009.

 

He said this was the price recommended by a government price panel - the Commission for Agriculture Costs and Prices.

 

"The final decision will be taken by the federal cabinet once the provincial elections are over by (the end of) next week," said the official.

 

The higher price will help the federal government meet its output target of 78.5 million tonnes of the food grain ahead of general elections early next year.

 

India produced 78.4 million tonnes in the crop year ended June 30.

 

US$1 = INR49.730

As of December 5,2008

 

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