India: FCI Procures 3.14 Mil MT

Indian government’s grain procurement and distribution agency, Food Corporation of India (FCI), has managed to procure 3.14 million MT of rice in the first two weeks of the 2008-09 kharif marketing season (October-September).

According to Alok Sinha, chairman and managing director, FCI, the procurement is marginally lower to last year’s corresponding purchase of 3.25 million MT but procurement at minimum support price as proportion of market arrival is higher than last year.