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 staple crop in 2024-25 "kharif" season on the back of a good monsoon, the country's agriculture ministry said yesterday.

The first advance estimate from 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 season, which starts in June and ends in November.

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

Pralhad Joshi, minister of consumer affairs, food and public distribution, at an event in New Delhi yesterday reiterated the government's commitment to achieving the targeted procurement estimate of 184 lakh tonnes in Punjab.

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.

Around 185 lakh tonnes and 60 lakh tonnes of paddy are estimated to be procured from Punjab and Haryana 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 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 the late start, both states are well on track to achieving the estimates by the stipulated dates: November 30 for Punjab and November 15 for Haryana.

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