State-run Food Corporation of India (FCI) has announced record procurement of more than 500 lakh tonne of wheat and rice this year, which will help stabilise prices in the open market.
"Rice procurement has already crossed 274.64 lakh tonne as on today. We will cross 278 lakh tonne by September 30 this year," FCI Chairman and MD Alok Sinha told PTI.
The ongoing rice procurement is also inching toward an all time high, he added.
With wheat procurement of 226.82 lakh tonne, the total procurement of foodgrains this year stands at 501.46 lakh tonne, which is also an all time high, Sinha said.
This year's procurement is about 39 per cent more than the purchase of 361 lakh tonne in the corresponding period last year.
The surge in the total grains purchased by the government is mainly due to a very high procurement of wheat this year.
Officials in the FCI said that surplus grain stock will help in stabilising prices in the open market, as it is ready to allocate more quantities of grains under the open market scheme.