250 LMT Wheat Procured so far; Over 20 Lakh Farmers Benefit from Rs 47000 Cr MSP

India has procured nearly 252 Lac Metric tons (MT) of wheat during the ongoing Rabi Marketing Season (RMS) 2023-24, as of May 9th, 2023. This figure is 75 Lakh MT higher than the corresponding date during RMS 2022-23.

The ongoing wheat procurement operations have already benefitted about 20 Lakh farmers, with payment of more than Rs. 47,000 crores (at MSP) directly credited to their bank accounts. More farmers are expected to benefit from the ongoing procurement, as the process is continuing.

The current procurement has already exceeded the total procurement of 188 Lac MT wheat during the entire RMS 2022-23. The Food Corporation of India and other state agencies are involved in procurement operations, which are progressing smoothly in all the procuring states across the country.

On a daily average, more than 2 Lakh MT of wheat is still being procured. The major contribution to the procurement has come from three wheat-procuring states of Punjab, Haryana, and Madhya Pradesh, with procurement of 118.68 LMT, 62.18 LMT, and 66.50 LMT, respectively.

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

The government has also allowed all states to open procurement centres at the village/panchayat level and to carry out the procurement through cooperative societies/gram panchayats/arhats, etc., in addition to the already existing designated procurement centres, for better outreach.

The rice procurement is also progressing smoothly, with a quantity of 366 LMT of rice procured till May 9th, 2023, during the Kharif crop of KMS 2022-23, and another 140 LMT yet to be procured. Further, a quantity of 106 LMT rice has been estimated to be procured during the Rabi crop of KMS 2022-23.

The combined stock position of wheat and rice in the central pool has reached 580 LMT (Wheat 310 LMT and Rice 270 LMT), which puts the country in a comfortable position to meet its requirements for food grains.

With the ongoing procurement of wheat and rice, the food grain stock levels are on the rise in government granaries, ensuring food security for the entire nation.