The government on Monday raised the price at which it could buy new-season summer crops, including rice by up to 50 per cent, agriculture minister told a news conference after a cabinet meeting chaired by Prime Minister Narendra Modi. The government announces the minimum support prices (MSPs) for various crops to set a benchmark. But state agencies buy limited quantities of staples such as rice and wheat at those prices, restricting the benefits of guaranteed prices to only around 7 percent of the country's 26.30 crore farmers, according to various studies.
But the government has decided to raise the support price by up to 50 per cent to support farmers reeling from an extended lockdown to curb the spread of the coronavirus.
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