India: Government To Allocate 2 Mil MT For Strategic Reserves

After the record rice purchases in 2007-08 season, the Indian Food and Agricultural Ministry is likely to allocate 2 million MT of rice for strategic reserves, created to meet exigencies.

The higher procurement of rice so far in the ongoing 2008-09 marketing season, expected to cross 10 million MT in a day or two, would also help in creating the strategic reserve of rice, if it decides so.

In 2007-08 season, rice procurement was at a record 285.02 lakh MT against the target of 276 lakh MT. Initially, there were concerns that government might not be able to achieve its target.