Indian rice purchase continues, may not be received

The Food Corporation of India’s (FCI) rice purchase for central buffer stocks in the first three months after the season started on October 1 fell 14 percent to 299.33 lakh tonnes (lt) from 347.87 lt a year ago. In October-December 2022, the purchase of rice was 11 percent higher than in 2021-22, experts see that this year’s purchase will fall short of the target. According to the latest data, procurement in Punjab, Haryana and other northern states ended in December, while in western Uttar Pradesh, procurement will continue until the end of January. FCI managed to get 125.08 liters in Punjab, up 2 percent from 121.91 liters a year ago, and 39.42 liters in Haryana against 39.51 liters in 2022-23.

 In Punjab this year the target was 122 liters and in Haryana 40 litres. “The first three months usually show an acquisition trend, unless there is a big change during the harvest period. In most states, purchasing is less and the market price of rice is also high, which allows farmers to sell where they want,” said the expert. The government would manage to buy about 500 liters of kharif-grown rice in 2022-2023 out of a total purchase of 568.69 liters.

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