Over 611,424 tonnes of paddy have been purchased by government agencies and private rice millers in Punjab, an official said here Tuesday. Government agencies have bought over 97 percent of the stocks while private rice millers have purchased nearly three percent in the first five days of the process. Six agencies -- the Food Corporation of India (FCI) of the central government and five of the Punjab government -- are engaged in...

Commission agents to start procuring for Central agency from today Bowing to the pressure exerted by the powerful lobby of commission agents, the Food Corporation of India (FCI) has decided to withdraw its directive to make direct payment to farmers in Punjab, Haryana and Chandigarh. Union Agriculture and Food Minister Sharad Pawar, who was in Chandigarh on Monday, had a meeting with Punjab Chief Minister Parkash Singh Badal and Food and...

Blame stubborn procurement policy as the root of all evil. With the government sitting on heaps of foodgrain and with an acute shortage of quality storage facilities, analysts, some within the government, suggest exporting foodgrain and reviewing procurement policy. The suggestion is gaining ground among advisors and experts, given the current global situation, where wheat prices are on the rise on fears of subdued production in drought-hit countries like Russia, Uzbekistan and...

Centre pressures States to lift additional allocation The Communist Party of India (Marxist) has reiterated its demand for a universal public distribution system with a minimum allocation of 35 kg of grain at Rs. 2 a kg. A two-day meeting of the party's Polit Bureau, which concluded here on Tuesday, said the Central government had ignored the Supreme Court's directive to distribute, free of cost, the huge stocks of grain among the...

Global foodgrain prices are likely to remain high in the coming months despite high output estimates this season. Bad weather in Brazil and Russia and rising global demand have made the grain market sensitive. The assessment of the damage due to dry weather in Russia, Western Australia and South America and floods in India, China and Pakistan is yet to be done. This is offering grain traders speculative opportunity on futures...