More than 22 lakh Indian farmers have been benefitted towards purchase of wheat during RMS 2024-25. About Rs. 61 lakh crore have been directly credited to the bank accounts of these farmers immediately on purchase of wheat at Minimum Support Price (MSP).

As per the provisional figures collected from various wheat-procuring states, the total wheat procurement during RMS 2024-25 stands at 266 LMT, exceeding RMS 2023-24 figure of 262 LMT and the 188 LMT recorded during RMS 2022-2023.

The states of Uttar Pradesh and Rajasthan have shown significant improvements in their wheat procurement quantities. Uttar Pradesh has recorded a procurement of 9.31 LMT compared to 2.20 LMT last year, while Rajasthan has achieved 12.06 LMT, up from 4.38 LMT in the previous season.

The Government of India declared a Minimum Support Price (MSP) of Rs. 2275 per quintal for wheat for RMS 2024-25.

In addition to wheat, during the Kharif Marketing Season 2023-24, paddy procurement for the central pool exceeded 775 LMT, benefiting more than one crore farmers by way of disbursement of more than Rs. 1.74 lakh crore to the bank accounts of these farmers towards purchase of their paddy at MSP.

Current procurement of paddy has increased the central pool rice stock to over 490 LMT, including 160 LMT of rice yet to be received after milling. The annual rice requirement is around 400 LMT, while buffer norms prescribed by the Government of India for 1st of July is 135 LMT.

With the current stock level of rice, the country exceeds not only its buffer stock norms but also its entire annual requirement. Besides procurement under the next Kharif Marketing Season (KMS) 2024-25 is also likely to begin in October 2024.