Unremunerative open market sale prices, mounting debt add to corporation’s woes
Sitting on a mountain of wheat and paddy, the Food Corporation of India (FCI) seems to be suffering from a bad case of indigestion.
The total stock of rice and wheat with the corporation, originally promoted to ensure the food security of the nation, stood at 45.4 million tonnes in January this year.
This increased to 46.3 million tonnes by April and touched 62.2 million tonnes in May. In July, the stock increased further to 74.2 million, which was significantly higher than the buffer requirement of 41.12 million tonnes as on July 1.
Increase in procurement through MSP operations in the Kharif marketing year 2018-19 in the case of rice and in the Rabi marketing year 2019-20 in the case of wheat explains the jump in stocks, says Siraj Husain, former Union Agriculture Secretary and now a visiting senior fellow, ICRIER.
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