INDIAN RICE INDUSTRY OUTLOOK FOR 2024
- Credit Rating Agency in India
- Industry Report
- INDIAN RICE INDUSTRY OUTLOOK FOR 2024
India is the second largest producer and largest exporter of rice in the world. India produces 26 per cent of the total rice production in world and contributes 35 per cent to the global rice trade. Domestic rice production has increased from 129.47 million tonnes in 2021-22 to 135.7 million tonnes in 2022-23. Production is forecasted to increase to 137.8 million tonnes in 2023-24.
The increase in paddy sown area from 404.50 lakh hectare in 2023 to 414.50 lakh hectare in 2024 shows that overall rice production in the current year would be record highest. The stock of rice in central foodgrain food which had remained within stock limits (operational + strategic stock) in the past years exceeded the full capacity in 2024-25, implying there would be no shortage in rice supply to meet unexpected contingency.