Rice production to hit five-year peak

Rice production is on track to surpass the record levels of the previous year, this is attributed to the highest acreage observed in the last five years and a recent revival of monsoon in critical growing regions.

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It is anticipated that rice production will exceed last year’s record level due to the highest acreage recorded in the past five years and the recent resurgence of monsoon in key growing regions, stated a senior agriculture ministry.

“The transplanting of paddy so far has been more than last year’s five-year average and rice production is likely to exceed last year’s record of 135.5 million tonnes (MT) in the 2023-24 crop year (July-June),” P K Singh, agriculture commissioner, department of agriculture and farmers welfare.

Till now, rice transplantation has covered approximately 40.3 million hectares (MH), surpassing the average of the past five years, which stood at 39.9 MH, and marking a 2.9% increase from the previous year. Sowing of kharif paddy will continue until September 30, while transplanting of other kharif crops has already been completed. It’s worth highlighting that rice production during the kharif season accounts for over 85% of the total grain output for the year.

To address concerns about reduced output due to the delayed monsoon onset and to control rice prices, the government has implemented several measures. These include the imposition of a 20% export duty on par-boiled rice and a ban on white rice exports. A minimum export price of US$ 1200 per tonne has been enforced for Basmati rice shipments, and this measure is set to remain in effect until October 15th.

Originally published in Financial Express