Slight improvement in government procurement of paddy/rice in November

19-Nov-2024 08:36 AM

Slight improvement in government procurement of paddy/rice in November
In November 2024, there was a slight improvement in the pace of government procurement of paddy and rice compared to the same period last year:

November Procurement: A total of 64.7 lakh tons of rice was procured in November, a 5% increase from 62.35 lakh tons in November 2023.
Seasonal Procurement (1st Oct - 17th Nov): The total rice procurement stood at 148.93 lakh tons, compared to 166.86 lakh tons in the same period last year, showing a decline in the overall pace.
October Performance: As of October 31, procurement was 20% lower than the previous year, and by October 15, it was down 48%.

Regional Highlights:
Punjab: A total of 102.97 lakh tons of rice had been procured by 17th November, down from 115.66 lakh tons last year in the same period. However, the procurement pace is expected to catch up with the target of 124 lakh tons for the season, especially since the current market prices are below the Minimum Support Price (MSP), making the increase in procurement justifiable.
Haryana: 35.99 lakh tons of rice was procured, compared to 39.33 lakh tons last year.
Other States: Procurement was weaker in other states, with the pace lagging behind expectations.

Revised Procurement Targets:
Kharif Target: The total Kharif purchase target has been revised to 492.11 lakh tons, down from 521.27 lakh tons in 2023-24.
Bihar: The state's purchase target has been increased from 23 lakh tons to 30 lakh tons.
This slight improvement in November's procurement, despite the slower pace in the early part of the season, suggests efforts to enhance procurement as the season progresses, particularly in major states like Punjab and Haryana. However, the overall procurement numbers still fall behind last year's figures.