Indian Economy News

Approximately 195 LMT wheat has been procured so far during ongoing RMS, surpassing procurement done in 2022-23

The procurement of wheat during the rabi marketing season (RMS) 2023-24 has already surpassed the total procurement of RMS 2022-23. In RMS 2022-23, the procurement was 188 lakh metric tonnes (LMT). However, as of April 26, 2023, wheat procurement during RMS 2023-24 is 195 LMT.

The minimum support price (MSP) outflow of about US$ 5.02 billion (Rs. 41,148 crore) has already been made to about 14.96 lakh farmers during the ongoing wheat procurement operations.

With the procurement of 89.79 LMT, 54.26 LMT, and 49.47 LMT, respectively, the three wheat-buying states of Punjab, Haryana, and Madhya Pradesh have made up for a significant portion of the procurement.

One of the major factors, contributing to the progressive procurement this year, is the grant of relaxation by the Government in quality specifications of wheat being procured, in view of untimely rains leading to lustre loss. This will reduce the hardship of farmers and check any distressed sales.

Moreover, rice procurement is also increasing significantly, as of April 26, 2023, a quantity of 354 LMT of rice has already been procured.

The Central Pool now has more than 510 LMT of combined wheat and rice stock, which puts the nation in a good position to meet its needs for food grains. The government granaries' food grain stock levels are increasing because of the continued procurement of wheat and rice.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.