Thursday December 25, 02:46 AM

Source: Indian Express Finance

Rice procurement crosses 143 lakh tonne, up by 21%

The government has procured 143.27 lakh tonne of rice so far in this year, which is 21% more than what it had bought during the corresponding period last season. Rice procurement stood at 118.09 lakh tonne in the year-ago period, a government official said. Though the procurement target for a year is 276 lakh tonne, the government is confident of buying more rice in 2008-09 season (October-September) owing to good remunerative price to farmers, he said. The Centre had last year purchased a record 284.93 lakh tonne of rice in the entire season. The government, which did not want to take any chance because of higher requirement on account of strategic reserve, announced a bonus of Rs 50 a quintal over and above the paddy minimum support prices of Rs 850 a quintal for common variety and Rs 880 a quintal for higher grade to buy higher quantity. The government has kept 15 lakh tonne of rice in the strategic reserve last year and targets the same quantity this year as well for the reserve. In fact, the MSPs announced for this season was implemented in the last three months of 2007-08 to increase government buffer and farmers were agitated when they realised that they were getting the same price in 2008-09 after new season began from October 1. Meanwhile, rice procurement in Punjab and Haryana has nearly completed with very little arrival of paddy in the mandis. But the purchases are in full swing in Andhra Pradesh, Uttar Pradesh, Chhattisgarh and Orissa. PTI