Due to export promotion, rice stock in government warehouses is increasing more than the target.

MUMBAI: Rice exports are likely to increase as rice stocks in government warehouses reached more than five times the government’s target of 76 lakh tonnes in early December of the current year.

Food Corporation of India (FCI) sources said the total stock of rice, including unprocessed paddy, in government stores currently stands at 44.1 million tonnes.

Apart from rice, the stock of wheat is also 2.23 crore tonnes against the target of 1.38 crore tonnes.

Last year, the government had banned rice exports in view of the uncertainty of monsoon.

In anticipation of a bumper rice yield this year, the government has removed most of the restrictions on rice export.

With the arrival of the new crop of rice, there is a possibility of overstocking in government warehouses. Local sources said that keeping this fact in mind, it would not be surprising if the government promotes rice exports.