MP and Rajasthan announce bonuses for wheat growers

The government’s wheat stock has dropped to its lowest level since 2016. Madhya Pradesh, which is the second-biggest contributor to the central pool wheat stock after Punjab, plans to purchase 8.2 million tonnes of grain during the 2024–25 rabi marketing season (April–June).

In the preceding marketing season (2023–24), Madhya Pradesh made a total procurement drive contribution of 7.09 of wheat. Following the bonus announcement, total purchases in the state of central India may exceed the objective. The Food Corporation of India’s (FCI) 8.02 wheat stock as of Tuesday is the lowest since 2016. The stock is perilously nearing the 7.46 MT April 1 buffer.

Punjab wants to buy 13 of wheat in the upcoming marketing season for rabi. The agricultural ministry has projected wheat output at 112 in its second advance estimate of food grain productions for the 2023–24 crop year (July–June), which is somewhat higher than the previous crop year. Wheat inflation further decreased to just 2% in February from 12% in July 2023 compared to the previous year as a result of improved supplies brought about by the FCI’s open market sales.

Beginning this month, the government will no longer be selling wheat on the open market. The weekly e-auction sales, which had reached a record 9.4 of sales to bulk customers since June of last year, were discontinued.

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