New Delhi: The Centre, on Oct 16, cleared Rs 50/quintal bonus for paddy, over and above the already announced minimum support price payable during the current 2008-09 kharif marketing season (October-September). The decision, taken at the meeting of the Cabinet Committee on Economic Affairs here, would effectively increase the official procurement price to Rs 900 a quintal for common paddy and Rs 930 a quintal for Grade 'A' varieties. Although below the Rs 1,000-1,050 a quintal range, suggested by the Commission for Agricultural Costs & Prices, the final cleared prices still work out Rs 155 more than the Rs 745-755 a quintal levels for 2007-08.
The bonus declaration, which was in the air for the past few weeks is hoped to spur procurement by the Food Corporation of India and State agencies. As on Oct 16, only 48.37 lakh tonnes (lt) of paddy had arrived in the mandis of Punjab, as against 60.14 lt during the corresponding period of the 2007-08 season. As a result, overall rice procurement during the ongoing season, at 37.74 lt till Oct 16, has been marginally below last year's progressive figure of 37.87 lt.
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