NAFED's sale is expected to bring stability in lentil prices
26-Jul-2024 07:50 PM
New Delhi. Two government agencies - NAFED and NCCF have a stock of about 5.50 lakh tonnes of lentils, which includes the stock of imported goods as well as goods purchased in the Rabi marketing season of 2022 and 2023. Now NAFED has started putting its stock of lentils in the market for some purpose.
According to the information received, on July 22, this agency had issued a tender for the sale of 42,641 tonnes of lentils in Madhya Pradesh and 4811 tonnes in Gujarat.
It was purchased from farmers. The Union Agriculture Ministry has estimated the domestic production of lentils to increase by 12.5 percent to a high of 17.54 lakh tonnes in the Rabi season of 2023-24 as compared to 2022-23, but the industry trade sector says that the actual production of lentils has not exceeded 12 lakh tonnes.
With the start of sale of indigenous and imported lentils by NAFED, the supply and availability in the domestic market is expected to increase and to curb the rise in prices to some extent.
According to the data received, during the first two months of the current financial year i.e. April-May 2024, 1,13,679 tonnes of lentils were imported in the country. During the entire period of the financial year 2023-24, the import of lentils jumped to a new record level of 16.76 lakh tonnes.
India imports lentils in large quantities mainly from Canada and Australia, while it is also imported from some other countries including Russia.
The minimum support price of lentils has been increased from Rs 6000 per quintal to Rs 6425 per quintal, while during the next Rabi season, it is likely to be increased by an additional 5-7 percent. The government is making every effort to increase the production of pulses in the country so that dependence on its import from abroad can be reduced.
Although the price of Canadian red lentils reaching India's Nhava Sheva port is ruling at $675 per tonne and $690 per tonne for both new and old crops respectively, buyers are showing negligible interest in it.