FCI procures over 500 lakh tons foodgrains this year

NEW DELHI: State-run Food Corporation of India (FCI) has announced record procurement of more than 500 lakh tons of wheat and rice this year, which will help stabilise prices in the open market.

"Rice procurement has already crossed 274.64 lakh tons as on Friday. We will cross 278 lakh tons by September 30 this year," FCI Chairman and MD Alok Sinha toldthe media.

The ongoing rice procurement is also inching toward an all time high, he added. With wheat procurement of 226.82 lakh tons, the total procurement of foodgrains this year stands at 501.46 lakh tons, which is also an all time high, Sinha said.

This year's procurement is about 39 per cent more than the purchase of 361 lakh tons in the corresponding period last year. The surge in the total grains purchased by the government is mainly due to a very high procurement of wheat this year.

Officials in the FCI said that surplus grain stock will help in stabilising prices in the open market, as it is ready to allocate more quantities of grains under the open market scheme.