Resultant surge in the cultivated land area resulted in an increased yield of around 120 million tonnes.
There is much to rejoice for the India paddy farmers as this year’s monsoon has been abundant and the government has increased the buy price of the new-season crop. Keeping in view the excellent rainfall and government’s hike in price for the crop, farmers have increased the acreage of paddy cultivation.
B.V. Krishna Rao, President of India’s Rice Exporters Association is of the view that there will be a resultant surge in the cultivated land area and an increased yield of around 120 million tonnes. Domestic rice prices could dampen, while exports will become more competitive as Thailand and Vietnam were unable to meet the export demands due to a crunch in their supplies.
Farmers are growing rice in more acreage thanks to abundant monsoon and government’s increased buy price for new-season crop. The revised increase in price for the new-season rice is an increase by 2.9 percent and will fetch farmers a handsome remuneration. India is the world’s largest rice producer and cultivated record high of 117.94 million tonnes of rice in 2019-20.
With the monsoon already touching down in the country’s southern and eastern parts of the rice cultivating regions, farmers have commenced with the planting of the summer-sown crop. Farmers are planting more rice after receiving a much needed fillip by way of good rainfall and a marked increase in exports, according to Nitin Gupta, VP of Olam India’s rice business.
