common grades of RiceAccording to the latest information available, it has been reported that the Indian Government has raised the minimum purchase price for common grades of rice to be paid to local farmers by about 4.3 per cent, or Rs 60, to Rs 1,470 ($21.89) per 100 kg, as stated by the Agriculture Minister Mr Radha Mohan Singh on Wednesday. Further, it has been also revealed that the India is the world's second biggest rice producer after China and it buys the grain from local farmers to protect them from distress sale and build stocks for welfare programmes.