India to increase the MSPs for the 2015/2016 summer crops

India has approved the increase of Minimum Support Prices( MSPs) for summer (Kharif) 2015/16 crops. The increase in MSPs which would be effective from the beginning of October will be applicable for various crops including rice, maize and soyabeans. The price of paddy rice will increase by about 4 percent per quintal in the 2015/2016 season compared to the 2014/2015 season while that of maize and yellow soyabeans will increase by about 1 percent and about 2 percent per quintal respectively. The measure aims to protect farmers’ incomes and provide incentives to increase investment and production.