India aims for a record rice production in the 2024-25 monsoon season

India, the world's largest rice exporter, is set to achieve a record production of 119.93 million tonnes of rice in the 2024-25 kharif season, thanks to favorable monsoon conditions, according to the country's agriculture ministry. This first advance estimate comes at a time when government rice stocks are in surplus. The projected production is 6.67 million tonnes higher than the previous year's kharif season.

The harvesting and procurement of the primary kharif crop are currently underway across the country, particularly in the major agricultural states of Punjab and Haryana.

Pralhad Joshi, the Minister of Consumer Affairs, Food, and Public Distribution, reaffirmed the government's commitment to meeting the targeted procurement of 184 lakh tonnes in Punjab and ensuring that every grain brought to the mandis by farmers is procured. As of November 4, around 104.63 lakh tonnes of paddy have been received in Punjab’s markets, with 98.42 lakh tonnes already procured by state agencies.

Punjab and Haryana, the food bowls of India, are expected to contribute 185 lakh tonnes and 60 lakh tonnes of paddy, respectively, during the 2024-25 kharif season. These two states together account for nearly 40 percent of the central pool's procurement.

Procurement operations are in full swing in both states. The procurement began on October 1 in Punjab and on September 27 in Haryana, though it was delayed due to heavy rains in September, which increased the moisture content in the paddy. Despite the late start, both states are on track to meet their procurement targets by the official deadlines of November 30, 2024, for Punjab, and November 15 for Haryana.

In September and October, India lifted the restrictions on exporting non-basmati white rice and removed the minimum export price to help boost international exports as domestic stocks approached capacity.