NEW DELHI (Reuters) - India has raised the price the government will pay to buy new-season wheat from local farmers to 1,450 rupees per 100 kg, up 3.57 percent, increasing the incentive to plant the crop even though supply has exceeded demand for eight years.
India, also the world's second-biggest wheat consumer, sets a price each year at which it buys grains from domestic farmers to sell ultra-cheap food to the poor, to protect growers from distress sale and to cover emergency needs.
(Reporting by Mayank Bhardwaj; Editing by Nidhi Verma)
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