The Indian government has announced that its wheat purchases from farmers in the current 2024 season have surpassed the previous year’s procurement level of 26.2 million metric tons.
According to a government statement, state-run agencies have so far bought 26.25 million tons of new-season wheat from domestic farmers. This increased procurement is aimed at replenishing the country’s depleted wheat reserves.
The higher wheat procurement in the current season comes after India faced supply disruptions and domestic shortages last year, leading the government to impose export restrictions on the grain. The increased buying from farmers is part of India’s efforts to ensure food security and stabilize domestic wheat supplies.
India is one of the world’s largest producers and consumers of wheat. The country’s wheat procurement and distribution system, managed by the state-run Food Corporation of India (FCI), plays a crucial role in regulating domestic prices and ensuring adequate supplies.
The government’s statement highlights that the current year’s wheat procurement has surpassed the previous year’s level, indicating that the country’s wheat production and availability have improved compared to the previous season. This could potentially ease concerns over wheat supplies and prices in the domestic market.
The government’s focus on increasing wheat procurement from farmers is a proactive measure to build up buffer stocks and ensure food security in the country. The higher procurement levels this season compared to the previous year suggest that the government is working to address the supply challenges faced in the past.