Govt buys record 398.59 lakh tonnes of wheat at MSP for Rs 78,721 crore

By: |
May 27, 2021 10:08 PM

Till May 26, the food ministry said that a quantity of over 398.59 lakh tonnes of wheat has been procured as against 350.06 lakh tonnes in the corresponding period of the previous year.

Wheat procurementOfficial procurement of wheat, the key rabi cereal, for the Central Pool usually begins in early April and typically last for a little over three months.

The Centre on Thursday said it has achieved a record procurement of wheat at 398.59 lakh tonnes in the current marketing year that started in April, costing the exchequer Rs 78,721 crore.

The record procurement of wheat has been achieved amid farmers’ protest at Delhi-borders since late November 2020. Farmer unions are demanding a repeal of three new farm laws and a legal guarantee of the Minimum Support Price (MSP).

Procurement of wheat in ongoing RMS (Rabi Marketing Season) 2021-22 is continuing smoothly in Uttar Pradesh, Madhya Pradesh, Bihar, Rajasthan, Gujarat, Himachal Pradesh and Jammu & Kashmir at MSP, as was done in previous seasons.

Till May 26, the food ministry said that a quantity of over 398.59 lakh tonnes of wheat has been procured as against 350.06 lakh tonnes in the corresponding period of the previous year.

The procurement has reached an all-time high, as it has exceeded previous high of 389.92 lakh tonnes achieved in the entire RMS 2020-21, an official statement said.

“About 42.06 lakh farmers have already been benefitted from the ongoing RMS procurement operations with MSP value of Rs. 78,721.15 Crore,” the statement said.

The rabi marketing season 2021-22 runs from April to March but bulk of the procurement gets completed by June.

State-owned Food Corporation of India (FCI) is the nodal agency for procurement and distribution of foodgrains.

Under the National Food Security Act (NFSA), the Centre provides 5 kg of wheat and rice per person per month to around 80 crore people at a highly subsidised rate of Rs 2-3 per kg.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Gold Price Today, 18 June 2021, gains after falling over Rs 1,500 in previous session; silver rates gain
2Petrol and diesel price today 18 June 2021: Petrol costs above Rs 100 in Mumbai, Pune, Bengaluru, Hyderabad
3Quality issues affect Nafed’s onion procurement in Maharashtra