October 3, 2018 / 1:04 PM / 2 months ago

India raises wheat buying price by 6 pct ahead of 2019 elections

MUMBAI, Oct 3 (Reuters) - India raised the price at which it buys new-season wheat from local farmers by 105 rupees, or 6 percent, the farm minister said on Wednesday, as Prime Minister Narendra Modi tries to defuse discontent among farmers ahead of elections in 2019.

The revised purchase price of 1,840 rupees ($25.09) per 100 kg for 2019 compares with 1,735 rupees a year ago, Farm Minister Radha Mohan Singh said.

India, the world’s second-biggest rice and wheat producer, buys the grain from local farmers at state-set prices to build stocks to run a major food welfare programme.

Earlier, Reuters had reported that India was set to raise support price of wheat by 6 percent on Wednesday due to growing farmer discontent.

The government also raised support price of chickpea and rapeseed to 4,620 and 4,200 rupees respectively, per 100 kg, Singh added.

$1 = 73.3400 Indian rupees Reporting by Rajendra Jadhav and Mayank Bhardwaj; Editing by Malini Menon

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