Indian farmers fetch record prices for premium paddy as El Nino impacts production
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Indian farmers are fetching at least ₹1,000 a quintal more than the government's minimum support price for premium paddy.
- ✓El Nino rains affected production, so consumers may pay more for rice soon.
- ✓"Farmers have never witnessed such benefit ever before," said trade analyst S Chandrasekaran about the record price rise.
Story at a Glance
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- MARKET
- Reported By
- Business Line
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
Consumers may have to pay more for rice in the coming months as growers get over ₹1,000 a quintal than the minimum support price fixed for paddy
Indian farmers growing premium paddy varieties are fetching at least ₹1,000 a quintal more than the minimum support price (MSP) fixed by the government. However, consumers may have to pay more for preferred rice varieties such as Sona Masuri and Kolam over the next few months, as production has been affected by deficient rains due to the impact of El Nino weather.
"Currently, farmers are receiving ₹3,600-3,700 per quintal for premium varieties of paddy. This is ₹1,1000 higher than the MSP, or even where States have a higher MSP by offering a bonus. Farmers have never witnessed such benefit ever before," said S Chandrasekaran, a Delhi-based trade analyst.
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