|Published : 17 Apr 2017, 21:01:45|
Bangladesh targets to produce 34m tonnes rice this year
The government has fixed a target to produce more than 34 million tonnes of rice in the current year. Last year the country produced nearly 33.5 million tonnes.
Bangladesh consumes almost all of its production to feed its population, according to agencies report.
The country is the world's fourth-biggest producer of rice.
Some time the country needs to import rice to cope with shortages caused by natural disasters such as floods or drought.
A spike in rice prices in the domestic market caused Bangladesh's annual inflation rate to accelerate in February for the second consecutive month.
Rice is the main staple for the country's 160 million people, but wheat consumption is also rising due to lifestyle changes.
The government has raised the purchasing price of rice for the upcoming season to Tk 34 a kilogramme, from Tk 32 a year ago.
The government will buy 1.5 million tonnes of rice and paddy from local farmers starting from May 2, up from 1.3 million tonnes in the previous season.
Such procurement is crucial for the nation to feed its poor and keep domestic prices stable.