As India lags behind in procuring rice crop this season, Indian government is now considering a further increase in its intervention price for rice to accelerate government procurement of the commodity.

The government procures rice from farmers to run subsidized sale programs at set intervention prices. It has already increased the intervention price twice for the current marketing year that started Oct. 1.

India's rice marketing year starts in October and ends in September. The government purchases rice from farmers at state-set intervention prices to run its subsidized rice sale programs.