Early procurement set to boost wheat stocks
The Centre’s purchases of wheat for government-held inventories, currently at a seven-year low, is on course to reach a three-year high in 2024-25 due to an early start to procurement operations and a bountiful crop following two straight years of lower output, official data shows.
A bumper harvest of 112 million tonne, as has been officially projected, is critical this year as the government’s stocks – needed to provide free grains to 800 million beneficiaries under the National Food Security Act – have plunged to a seven-year low.
India’s foodgrain production was estimated to have been 6.1% lower in the 2023-24 crop year (July-June) because of poor monsoon caused by the El Nino weather pattern, adding to inflationary pressures. Wheat output was 100 million tonne in 2023-24.
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