India's Foodgrain Stocks Reach 604 Lakh Tonnes, Far Exceeding Buffer Norms
Government's foodgrain stocks hit 604 lakh tonnes, nearly three times buffer requirement
The Economic Times
Image: The Economic Times
As of April 1, 2023, India's foodgrain stocks held by the Food Corporation of India (FCI) reached 604.02 lakh tonnes, significantly surpassing the mandatory buffer requirement of 210.40 lakh tonnes. This includes 386.10 lakh tonnes of rice and 217.92 lakh tonnes of wheat, ensuring adequate supply for the Public Distribution System.
- 01Foodgrain stocks are nearly three times the required buffer levels.
- 02Rice stocks stand at 386.10 lakh tonnes, exceeding the buffer norm.
- 03Wheat reserves are at 217.92 lakh tonnes, well above the requirement.
- 04Current procurement of wheat and rice is ongoing for the 2026 rabi season.
- 05Wholesale prices for several commodities are trading below the minimum support price.
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As of April 1, 2023, the Food Corporation of India (FCI) reported that India's foodgrain stocks have reached 604.02 lakh tonnes, nearly three times the mandatory buffer requirement of 210.40 lakh tonnes. The rice reserves are at 386.10 lakh tonnes, surpassing the buffer norm of 135.80 lakh tonnes, while wheat stocks are at 217.92 lakh tonnes, exceeding the required 74.60 lakh tonnes. The government maintains these stocks to support the Public Distribution System (PDS) and various food welfare initiatives. Currently, procurement for the 2026 rabi season is in progress, with 97 percent of the wheat sown area harvested. However, wholesale prices for many rabi commodities, including wheat and paddy, are trading below the minimum support price (MSP), indicating market pressures. Wheat is currently priced at ₹2,530 per quintal, below the MSP of ₹2,585 per quintal, while paddy has dropped to ₹2,294 per quintal, down 3.17 percent from last year.
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The significant surplus in foodgrain stocks ensures food security for vulnerable populations in India, providing stability in food prices and availability.
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