India eyes record rice production in 2024-25 monsoon

India, the world's biggest rice exporter, is likely to produce a record 119.93 million tonnes of the crop in 2024-25 kharif season on the back of a good monsoon, the country's agriculture ministry said today.

The first advance estimate of the ministry comes amid surplus stocks in government godowns.

Rice production is projected to be 6.67 million tonnes higher than the previous year's kharif (monsoon) season.

The harvesting and procurement of the main kharif crop is underway across the country, particularly in India's food bowl Punjab and Haryana.

Pralhad Joshi, minister of consumer affairs, food and public distribution, at an event in New Delhi today reiterated the commitment of the government to achieve the targeted procurement estimate of 184 lakh tonnes in Punjab and procure every single grain brought to mandis by the farmers.

As of November 4 this year, some 104.63 lakh tonnes of paddy have arrived in the Punjab markets, out of which 98.42 lakh tonnes have been procured by state-owned agencies, he said.

Punjab and Haryana states make up the food bowls of India and like every year 185 lakh tonnes and 60 lakh tonnes of paddy are estimated to be procured from these two states respectively during the 2024-25 kharif season.

These two states account for almost 40 percent of central pool procurement.

The procurement operations are ongoing in full swing in both the states.

The procurement of paddy commenced on October 1 this year in Punjab and on September 27 in Haryana, but the harvesting and procurement were delayed due to heavy rainfall in September and the resultant higher moisture content in paddy.

However, despite a late start, both the states are well on track to achieve the estimates of paddy procurement by stipulated dates of November 30 of 2024 for Punjab and November 15 for Haryana.

In September and October, India allowed shipment of non-basmati white rice and removed the minimum floor price for export of the same grain in a bid to boost the overseas exports as inventories in the country neared the brimming point.