India’s exports proved price competitive despite the fact that the government had raised the minimum support price quite significantly. Higher support prices had in fact resulted in an increase in stocks with the government. But this did not affect open market availability adversely, because of a record production104.32 million tonnes of rice in 2011 due to a good monsoon. Procurement during the 2011-12 marketing year touched a record 35 million tonnes. Moreover, despite an indifferent Southeast monsoon during 2012, procurement in the marketing season starting October 2012 has also been high, with procurement as on December 12, 2012 placed at 13.4 million tonnes, raising expectations that the government’s target of 40 million tonnes of rice procurement during 2012-13 would be realised. The net result is that stocks of rice with the central pool are substantial. As on December 1, 2012 stocks exceeded 30 million tonnes—far higher than the buffer stock and strategic requirement of 13.8 million tonnes on January 1 of the marketing year. Adequate supply meant that all export surpluses during marketing year 2011-12 were mobilised from the open market, rather than from surplus stocks released by government agencies. Yet, the export surge has not thus far resulted in any surge in domestic rice prices, given the favourable demand supply balance.