India Announce Small Increase In Intervention Price

Giving in to majority of rice farmer's demand, the India's central government has increased the intervention price for rice by a further INR500 PMT, making it the third hikefor the marketing year to September 2008.

Indian government procures rice from farmers to run subsidized sale programs at set intervention prices.

Meanwhile in another decision the government decided to increase the minimum price of rice allowed for exports to $450 PMT from the earlier limit of $425 PMT.