India’s rice stocks have reached a record high, totalling 44.1 million metric tonne as of December 1, 2024, which is significantly above the government’s target of 7.6 million tonne. This surplus could increase rice exports, as India is the world’s largest exporter of rice. In comparison, wheat stocks are at 22.3 million tonne, exceeding the target of 13.8 million tonne.

The increase in rice stocks allows India to export more without risking domestic food security. Last year’s monsoon rains had led to export restrictions, but expectations of a good rice harvest this year encouraged the government to lift most of those restrictions. Farmers collected a record 120 million tonne of rice from the summer season, which accounts for approximately 85% of the country’s total rice production.

As rice stocks are anticipated to grow further, there are concerns about storage issues in India, which is the second-largest rice producer globally. Additionally, the Food Corporation of India plans to purchase 48.5 million metric tonne of new summer rice this marketing year, an increase from last year’s 46.3 million tonne. In contrast, wheat exports remain banned, and wheat prices have surged due to high demand and low supply, along with delays in government stock releases. (Source: Economic Times)

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