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Informist, Friday, Aug 9, 2024

 

--FCI: Food grain stocks 59.6 mln tn as on Aug 1 vs 52.3 mln tn yr ago 

--FCI: Wheat stocks at 26.8 mln tn as on Aug 1 vs 28.0 mln tn yr ago 

--FCI: Rice stocks at 32.8 mln tn as on Aug 1 vs 24.3 mln tn year ago 

 

MUMBAI - The government's rice stocks with the Food Corp of India as of Aug 1 were the highest since 2005 at 32.8 mln tn, according to data from the nodal food procurement agency. Rice stocks have risen nearly 35% on year and were slightly up from 32.6 mln tn a month ago, the data showed.  

 

The current rice stocks are above the Jul-Sep buffer norm of 13.5 mln tn--operational stock of 11.5 mln tn and strategic reserve of 2 mln tn. 

 

Amid the ample rice stocks with the Centre, the government last week allowed states to buy the grain directly from the FCI through open market sales, without participating in the electronic auction.

 

The government had in June last year discontinued the sale of wheat and rice under the open market sales scheme to states to control food inflation and to protect consumers. Under the open market sales scheme, the government fixes the price of rice and wheat and sells them to bulk buyers such as states and private millers through electronic auctions.

 

As of Aug 1, total food grain stocks with the FCI were 59.6 mln tn, down 2% on month but up nearly 14% on year. On Aug 1, 2023, the food grain stocks with the FCI were 52.3 mln tn, according to the data.

 

Meanwhile, the government's wheat stocks have fallen below the Jul-Sep buffer norms. Wheat stocks with the Centre were 26.8 mln tn as on Aug 1, nearly 3?low the buffer norm of 27.58 mln tn. Wheat stocks were down 4.4% on year and 5% lower than last month's stocks, according to the data.   

 

According to the buffer norms, the minimum wheat stocks for Jul-Sep should be 27.58 mln tn--operational stock of 24.58 mln tn and strategic reserve of 3 mln tn. The government sets the buffer requirement of food grains for every quarter, and the FCI has to maintain the mandated level.  End

 

Reported by J. Navya Sruthi

Edited by Vandana Hingorani

 

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