Wheat inventory with Meals Company of India falls beneath 100 lakh tonnes for the primary time since 2018

Regardless of the drop in wheat shares, the present degree stays above the statutory buffer inventory requirement, which stands at 74.6 lakh tonnes for April. An official informed TOI that the prevailing inventory is ample to satisfy the Nationwide Meals Safety necessities and surpasses the buffer norm. With the procurement season commencing from March 1, authorities anticipate a notable enchancment in procurement in comparison with the earlier two years.

The federal government has projected wheat procurement to succeed in roughly 320 lakh tonnes, making certain a positive place for the federal government. In June 2023, the federal government initiated the sale of wheat within the open market to reinforce availability and stabilize costs. By the tip of February, FCI had bought over 90 lakh tonnes via market intervention. Because the graduation of public procurement, open market gross sales have been halted.

Relating to rice, FCI’s present inventory stands at round 270 lakh tonnes, excluding practically 30 lakh tonnes anticipated from millers. Buffer norms dictate that FCI ought to preserve roughly 136 lakh tonnes of rice by April 1.