New Delhi: The Food Corporation of India (FCI) has achieved a remarkable milestone by procuring 266 Lakh Metric Tonnes (LMT) of wheat during the current Rabi Marketing Season (RMS) 2024-25, surpassing last year’s figure of 262 LMT. This significant achievement underscores the nation’s commitment to ensuring food grain sufficiency and supporting the agricultural community.
More than 22 lakh Indian farmers have benefited from the wheat procurement during RMS 2024-25. The Government has directly credited approximately ₹61,000 crore to the bank accounts of these farmers, ensuring prompt payment for their produce at the Minimum Support Price (MSP).
To better accommodate farmers, the procurement of wheat, which typically begins on April 1st each year, was advanced by about a fortnight in most procuring states this season. This adjustment reflects the Government’s ongoing commitment to safeguarding farmers’ interests and ensuring food security for all.
Record-Breaking Procurement
Provisional figures from various wheat-procuring states show that the total wheat procurement for RMS 2024-25 stands at 266 LMT, surpassing the 262 LMT of RMS 2023-24 and significantly higher than the 188 LMT recorded in RMS 2022-2023. States such as Uttar Pradesh and Rajasthan have shown substantial improvements, with Uttar Pradesh recording 9.31 LMT compared to 2.20 LMT last year, and Rajasthan achieving 12.06 LMT, up from 4.38 LMT in the previous season.
This substantial procurement has enabled FCI to ensure a steady flow of food grains into the Public Distribution System (PDS), meeting the annual requirement of approximately 184 LMT of wheat under various welfare schemes, including the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).
Minimum Support Price and Market Flexibility
For RMS 2024-25, the Government of India declared an MSP of ₹2,275 per quintal for wheat. This MSP serves as a safety net, guaranteeing that farmers receive a fair price for their produce. Additionally, farmers retain the freedom to sell their grains in the open market if they find better prices, fostering a competitive market environment and enhancing income security.
Paddy Procurement Highlights
In addition to wheat, the Kharif Marketing Season (KMS) 2023-24 saw paddy procurement for the central pool exceed 775 LMT, benefiting over one crore farmers through disbursements totaling more than ₹1.74 lakh crore. This procurement has increased the central pool rice stock to over 490 LMT, which includes 160 LMT of rice yet to be received after milling. With an annual rice requirement of around 400 LMT and buffer norms set at 135 LMT, the current stock level far exceeds both the buffer norms and the annual requirement. The next KMS 2024-25 is expected to commence in October 2024.