June 13, 2011

 

Indian wheat procurement increases by 20% in 2011

 

 

India's wheat procurement has increased by 20% so far this year, hitting a record 26.97 million tonnes helped by an all-time high production and a INR50 (US$1.115) bonus offered by the government over and above the support price.

 

During April 1-June 10 period of last year, procurement stood at 22.44 million tonnes. The government's total purchase last year was 22.51 tonnes, according to the latest food ministry data.

 

Besides record production of 84.27 tonnes, the government's decision to give a INR50 (US$1.115) per quintal bonus on top of a support price of INR1,120 (US$24.975) per quintal contributed in bumper procurement this year.

 

The previous record for procurement was 25.38 million tonnes during the 2009-10 marketing year (April-March).

 

According to data, wheat arrival in mandis rose by 21% to nearly 30.73 million tonnes till June 10 this year, against 25.49 million tonnes in the year-ago period.

 

Punjab, which contributes a maximum amount of grain to the government's buffer stock, has so far procured 10.94 million tonnes, followed by Haryana at 6.88 million tonnes.

 

Wheat procurement by Madhya Pradesh, Uttar Pradesh, and Rajasthan stood at 4.89 million tonnes, 2.74 million tonnes, and 1.18 million tonnes, respectively.

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