The government warehouse has got 40.4 million tonnes (MT) of wheat stocks as on August 01, a decline of 4.7% as compared to month of July, reflecting still overflowing grain silos. In order to run welfare programmes and to provide cheap grains to the poor, the country needs to maintain wheat stocks of 17.1 MT for the first quarter of the new crop year from July 01.
India’s monthly rice stocks as on August 01 also fell 7.3% and stood at 29.2 MT, but the stocks were still nearly three times higher than the minimum target of 9.8 MT. The Indian government is hoping to get backing soon from parliament for its $22 billion welfare scheme to give cheap food to millions of people.
India, the world’s second biggest grower of wheat and rice, grows one wheat crop a year and harvests that arrive from March bump up stocks. The new season rice harvest begins in October, which is then drawn on for distribution in government welfare schemes.
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