India's rice and wheat procurement by the government has significant economic and social implications. Here are some key points about the current status of India's rice and wheat procurement:

• India is one of the largest producers and consumers of rice and wheat in the world.
• The government procures rice and wheat from farmers at MSP (Minimum Support Price) to ensure a fair price for farmers and maintain food security.
• As of June 2021, the government has procured over 398 lakh metric tonnes of rice and 431 lakh metric tonnes of wheat in the current 2020-21 season.
• This procurement has helped stabilize prices in the market and prevent farmer distress due to falling prices.
• The procured rice and wheat are stored in government warehouses and distributed through various welfare schemes like PDS (Public Distribution System) and mid-day meal programs.
• The government's procurement policy has also helped India become self-sufficient in food grain production and reduce reliance on imports.
• However, critics argue that the MSP system is not sustainable in the long run and may lead to overproduction and wastage.

Overall, India's rice and wheat procurement by the government plays a vital role in ensuring food security, stabilizing prices, and supporting farmers.