look news india
New Delhi: Wheat stocks in the central pool fell to a 16-year low of 7.73 million tonnes in the current financial year due to low procurement by the Food Corporation of India in the last two years and aggressive selling of the grain in the open market. ,
The last time wheat stocks were below current levels was in 2008, when they dropped to 5.8 million tonnes. Record procurement of 43.3 million tonnes achieved in April-June 2021-22.
Procurement by government agencies under the Minimum Support Price campaign fell to a record low of 18.8 million tonnes in the 2022-23 season. However, it increased by nearly 40% to 26.2 million tonnes in the Rabi crop season 2023-24. According to sources, the buffer stock of 74.6 lakh tonnes of April 1 may be closed.
Earlier this month, the government sold a record 9.4 million tonnes to wholesale buyers to prop up retail prices. The sale of wheat in the open market through weekly e-auction was stopped from June last year. Purchasing under the Minimum Support Price (MSP) operation by government agencies has declined in the last two seasons due to lower production and strong domestic demand.
Moreover, the wheat procurement drive of the government through agencies for the 2024-25 Rabi crop season has started early in Rajasthan and Madhya Pradesh.