Indian govt aims to procure 37.5 mln tn rice in 2017-18 kharif season.

Government aims to procure 37.5 mln tn of rice in the 2017-18 kharif season, compared with 34.35 mln tn in the year-ago period. Government usually starts kharif rice procurement from Oct 1. Government had set procurement target at 33.0 mln tn for the kharif season last year. Purchases are seen higher this year due to an increase in MSP for the grain. For 2017-18 (Oct-Sep), the Centre has raised the support price of common grade paddy to 1,550 rupees per 100 kg and for Grade A paddy to 1,590 rupees, both 80 rupees higher from the previous year.