Driven by large-scale offtake under public distribution system and for exports along with lower procurement, India's foodstocks have fallen by a massive 44.2 per cent to 351.68 lakh tonnes on first of the current month against 630.11 lakh tonnes on the corresponding day last year.
Rice stocks have halved to a mere 109.74 lakh tonnes from 219.37 lakh tonnes while the decline is 41.2 per cent in wheat stocks to 241.94 lakh tonnes from 410.74 lakh tonnes.
According to the data dished out by the government as on July 1 this year, rice procurement fell to 158.73 lakh tonnes from 208.94 lakh tonnes and in wheat to 157.94 lakh tonnes against 190.24 lakh tonnes last year.
The government officials however told PTI that the dipping stocks are not a cause of worry as the central pool is expected to be replenished with procurement of around 400 lakh tonnes wheat and rice in the current season due to monsoon-driven higher production in 2003-04.
In the first quarter of the current fiscal, offtake for rice exports has fallen to 12.81 lakh tonnes from 19.9 lakh tonnes but officials say it is still on the higher side.
Offtake for wheat exports has risen to 13.07 lakh tones during the quarter from 10.5 lakh tonnes. In June traders lifted 5.21 lakh tonnes wheat and 6.13 lakh tonnes rice.
Total offtake for all schemes including targeted public distribution system in the April-June quarter has increased in rice to 66.04 lakh tonnes from 64.80 lakh tonnes.
In wheat it has increased significantly to 58.2 lakh tones from 39.2 lakh tonnes mainly driven by four-fold increase in disbursal through welfare schemes to 24.75 lakh tonnes.
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