Commodity News | Indian Stock Market Tips | Govt procures 38 MT of Rice so far in 2017-18; Exceeds target
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The Centre's rice procurement has surpassed the target at 38 million tonnes so far in the ongoing 2017-18 marketing year that will end this month, a senior food ministry official said.
The rice procurement target set for this year was 37.5 million tonnes.
The government had procured 34.35 million tonnes during the last marketing year (October-September), surpassing the target of 33 million tonnes set for that year.
Much of the rice was purchased from states like Punjab, Chattisgarh, Uttar Pradesh, Haryana, Odisha, Andhra Pradesh, and West Bengal.
Over 33 percent of the country's total rice production has been procured at the MSP.
The paddy is procured at the minimum support price (MSP). State-run Food Corporation of India (FCI) and state agencies have undertaken procurement operation.
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