Sharp fall in rice prices may hurt farmers: Food Adviser

Food Adviser Ali Imam Majumder on Saturday said that although rice prices have dropped recently, a sudden sharp decline could negatively impact farmers.

Speaking to reporters after inspecting the progress of the construction work of a modern silo and food warehouse in Bandar, Narayanganj, the adviser stressed the need to ensure adequate food stockpiles to maintain food security in the country.

"If we can increase our food stock, the prices of both rice and wheat will decrease. Farmers will be more encouraged to produce crops if they get fair prices," he said.

The adviser also noted that the country has experienced a bumper Boro harvest this season, and farmers are successfully storing their crops without any significant issues.

"If we can store Boro rice properly, it will allow us to expand food-friendly programmes such as OMS and TCB operations," he added.

In response to a question, he said the annual demand for wheat in the country stands at around seven million tonnes, while domestic production is only one million tonnes. "The remaining six million tonnes are mostly imported by the private sector," he said.

He also mentioned that an investigation is underway into the practice of refining coarse rice into fine rice in rice mills.

Referring to the progress of the silo construction, the adviser said, "The construction of the state-of-the-art silo in Narayanganj, with a storage capacity of 48,000 tonnes and built at a cost of Tk 320 crore, is nearing completion. Several other silos are also close to completion."

He noted that the government aims to increase the country’s food storage capacity to three million tonnes, up from the current capacity of around 2.2 million tonnes, to strengthen national food security.

Following the inspection, the food adviser also held a meeting with senior officials at the office of the Narayanganj Deputy Commissioner, reports UNB.