Enough food stock to check price rise due to poor rains: PMEAC

NEW DELHI: Dismissing apprehensions of any spurt in foodgrain prices on account of poor monsoon, the Prime Minister's Economic Advisory Council on Wednesday said the country has enough stock to deal with the situation.

"I don't apprehend that (an upward spiral in prices) despite the delay in monsoon, as we have comfortable stocks... The implementation of the proposed Act (Food Security Act) is unlikely to be affected because of the huge reserves," PMEAC Chairman Suresh Tendulkar told PTI.

Admitting that erratic monsoon and delayed rains could hit farm production, he said, the government has enough foodstock to fight price rise.

"Everybody is talking about probability (of a decline in output). It may be hit if the rainfall is scanty... but the whole scenario has to be viewed in the context of the distribution of the rainfall," he said.

Possibility of a below normal rainfall and consequent dip in foodgrain production, Tendulkar said should not come in way of implementation of the proposed Food Security Act, which promises 25 kg of rice or wheat per month at Rs 3 a kg to every family below poverty line.

The government earlier in the day said the south-west monsoon is "likely to be below normal" during this season, raising concerns about its fallout on agriculture and economy.