Wheat inventory with FCI lowest since 2018, however increased than buffer norm – Instances of India

NEW DELHI: wheat inventory with Meals Company of India (FCI) has dropped under 100 lakh tonnes for the primary time since 2018, falling to 97 lakh tonnes this month, as a consequence of low buy throughout previous two years and report sale of the cereal in open market to maintain costs beneath verify. Nonetheless, in case of rice inventory, FCI is presently holding greater than 4 instances the buffer norm,
Regardless of wheat inventory plummeting, even at present stage, it’s increased than statutory buffer inventory requirement at this level of time. As per norm, in April, FCI should have 74.6 lakh tonnes of the foodgrain.

“The inventory is sufficient to meet Nationwide Meals Safety requirement and it is greater than the buffer norm. Procurement season has additionally began from March 1 and we predict a lot better procurement than previous two years,” mentioned an official.
Govt has estimated wheat procurement to be round 320 lakh tonnes and can put govt in a snug place.
In June 2023, authorities began promoting wheat in open market to extend its availability and verify costs. By Feb finish, FCI had bought over 90 lakh tonnes as market intervention. Open market sale has been discontinued since public procurement has began. In case of rice, present inventory with FCI is round 270 lakh tonne, excluding near 30 lakh tonne of grain receivable from millers. As per buffer norms, FCI should hold round 136 lakh tonnes of rice as on April 1.