GOI’s Paddy Procurement Up By 13% Till 11th Of December 2022: FCI

1. GOI’s Paddy Procurement Up By 13% Till 11th Of December 2022: FCI Located in Asia, India is the second largest rice producer in the world and the country occupies the top spot when it comes to rice exports. The Asian nation holds a mammoth 40% share in the global rice trade and Indian rice is one of the many agro-commodities that has a huge demand across the globe. Owing to high demand around the world, a majority of Indian farmers are involved in paddy cultivation and this explains the reason behind India’s bumper paddy harvest every year. To ensure that all of the produce is not exported and ample quantities remain for domestic consumption, the Government of India (GOI) procures paddy from Indian farmers every year. And in a year that has been strange in all regards, from the Russian invasion of Ukraine that disrupted the supply chain and pushed several nations on the brink of severe food crisis to adverse weather conditions that hampered domestic production, the Government of India’s procurement of paddy has been up by 13% in the ongoing 2022-23 Kharif marketing season as per the data released by the Food Corporation of India (FCI).

2. A Look At The Figures According to the recently released data by the Food Corporation of India (FCI), the Government of India’s paddy procurement in the current 2022-23 Kharif season stands at 38.06 million tonnes till the 11th of December 2022. Taking this into consideration with the 33.62 million tonnes of GOI’s paddy procurement last year, there has been a sharp increase of 13% YoY. The increase in paddy procurements by the Government of India reflects the GOI’s intent to actively replenish its stocks and if experts are to be believed, the Government of India’s paddy procurement will reach 80 million tonnes by the end of the current Kharif season. Paddy Procurements From Punjab, Haryana, and Tamil Nadu Up; While Procurements From UP Witnesses A Downfall The increase in GOI’s paddy procurements as reflected by the statistics has been due to increased procurements from the states of Punjab, Haryana, and Tamil Nadu. However, paddy procurements from Uttar Pradesh have gone down. Uttar Pradesh which contributed 23.77 million tonnes last year, handed out a meager 20.02 million tonnes till December 11, 2022. The lower-than-usual contribution has been due to the lack of monsoon rainfall in the state during the months of June, July, August, and September which led to falling in paddy acreage, ultimately leading to a drop in the output. The Bottom Line India dominates the global rice trade with a mammoth 40% share and different varieties of Indian rice are in great demand globally. Owing to the high demand for Indian rice, paddy cultivation holds great prominence in India and the country reaps bumper harvest every year. To ensure that all that is produced is not exported and ample quantities remain for domestic needs, the Government of India procures rice from Indian farmers through its agencies like the Food Corporation of India (FCI) and as per the data released by the FCI recently, Government’s paddy procurements is 13% higher till December 11, 2022, in comparison to the same period last year.

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