In response to the escalating prices of non-basmati rice in the domestic market, Sanjeev Chopra, Secretary of the Department of Food and Public Distribution, chaired a meeting today with key representatives from the rice processing industry. The meeting aimed to assess the current price scenario and strategize ways to bring down the soaring prices of rice in the country.
Despite a favorable Kharif crop, substantial stocks with the Food Corporation of India (FCI), and existing regulations on rice exports, discussions revealed a persistent increase in domestic rice prices. The Annual Inflation Rate of Rice has remained at approximately 12% for the past two years, raising concerns among stakeholders.
Participants emphasized the need for the rice industry to ensure that prices in the domestic market are optimized and that any attempts at profiteering are addressed rigorously. It was noted that the benefits of lower prices must be swiftly passed on to end consumers.
Leading Rice Industry Associations were advised to engage with their members to facilitate an immediate reduction in the retail price of rice. Concerns were raised about reported increases in margins by wholesalers and retailers, prompting suggestions to regulate and temper such hikes.
Additionally, instances where a significant gap exists between the Maximum Retail Price (MRP) and the actual retail price were identified as areas needing adjustment to protect consumer interests.
The FCI assured the rice processing industry that a sufficient stock of high-quality rice is readily available, offered under the Open Market Sale Scheme (OMSS) at a reserve price of Rs. 29/kg. Manufacturers and traders were encouraged to consider lifting FCI rice under OMSS, with the possibility of selling to consumers at a reasonable margin.
Intervention measures will be taken whenever necessary to ensure the affordability of rice, a staple in the Indian diet. As a result of these efforts, consumers can anticipate a reduction in the cost of rice in the coming days.
These measures are part of the government's ongoing commitment to maintaining food affordability and accessibility for the citizens of India. The collaborative efforts between the government and industry stakeholders aim to create a balanced and sustainable pricing structure for one of the nation's primary dietary staples.
