Madhya Pradesh and Rajasthan state governments have pledged to provide bonuses to farmers on the Minimum Support Price (MSP). A total of 983 metric tonne of wheat has been procured from these states, so far.
This announcement comes as a boon for wheat farmers. The MSP for wheat for the 2023-24 fiscal year has been set at ₹2275 per quintal. The Centre aims to procure 130 lakh metric tonne of wheat from Punjab, with an overall procurement target of 112 million metric tonne. The wheat marketing season typically runs from April to June.
As per reports, the Central government's wheat stock is at its lowest levels in eight years. As of March 19, the Food Corporation of India (FCI) held 80.2 lakh metric tonne of wheat.
The Madhya Pradesh government has announced plans to procure 82 lakh metric tonne of wheat, with 1.5 million farmers already registered. The registrations are open till March 31. Farmers have been assured of receiving bonuses at MSP, with state governments offering a bonus of ₹125 per quintal. The procurement is expected to be completed in a few weeks.
The Madhya Pradesh government has already procured 70.9 lakh metric tonne of wheat for the FY24 rabi marketing season, with a target of 82.0 lakh metric tonne for FY25.
In terms of national production, the wheat output was 11.05 crore metric tonne in FY23, with an estimated procurement of 11.20 crore metric tonne in FY24.
The government's procurement target for FY25 (April-June) is set at 2.62 crore metric tonne. Wheat was sown across 339.20 lakh hectares in FY23, increasing to 341.57 lakh hectares in FY24.
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