FCI's grain stocks to touch 80 mn tonne by June-end

The government's foodgrain stock is likely to touch 80 million tonnes by the end of this month, which is two-and-a-half times more than the required norms.

As per government rules, the strategic and buffer stock of wheat and rice in the country by June 30 should be 31.9 million tonnes, which includes 26.9 million tonnes as buffer stock and another 5 million tonnes as strategic reserve.

"We expect the foodgrain stock in the country to touch 80 million tonnes by June end. The foodgrain stock in the country as on May 31 is 75 million tonnes," a senior Food Ministry official said.

According to the Food Corporation of India (FCI), the foodgrain stocks rose by 21% to 71.21 million tonnes as of May 1 from 59.2 million tonnes in the year-ago period.

FCI, the nodal agency for procurement and distribution of foodgrains, has maintained maximum foodgrains stock in northern and southern parts of the country.

The government's grains inventory has build up due to record production and procurement in last few years. This year FCI is targeting to buy a record 35 million tonnes of rice and 32 million tonnes of wheat.

The country is poised for an all time record harvest of rice and wheat at 103.41 million tonnes and 90.23 million tonnes, respectively, this year.