The National Rice Policy Committee on Friday approved additional rice support measures worth 56 billion baht for the 2023/24 harvest season.
The measures aim to support the development of rice quality by offering farmers 1,000 baht per rai, not exceeding 20 rai per household or a total of 20,000 baht.
The scheme is expected to benefit 4.68 million households.
Commerce Minister Phumtham Wechayachai said the spending on rice support measures is unlikely to affect the state's fiscal and monetary discipline.
On Nov 7, the cabinet approved rice support measures worth 55 billion baht including loans to farmers to delay the sale of paddy rice with a moisture level of 25% for a period of five months, as well as loans to agricultural cooperatives to intervene in the market to buy paddy rice until prices become more favourable.
Under the measure for farmers to delay the sale of their paddy rice for five months, the government will intervene in the market, offering participants 12,000 baht per tonne and an additional 1,500 baht per tonne for storage.
The government wants to absorb 3 million tonnes under this scheme, said the committee.
Mr Phumtham said the latest rice support measure is likely to go before the cabinet for approval on Tuesday next week, with the preliminary schedule for disbursement of the latest scheme from November to Sept 30, 2024.
The Commerce Ministry estimated paddy rice production for the 2023/24 crop year at 32 million tonnes, with rice paddy from the main crop tallying 25.6 million tonnes, down 6% from the previous crop, and rice paddy production from the off-season crop totalling 6.78 million tonnes, a dip of 12%.
He said the government plans to modify its intervention policy on rice prices during the next harvest season.
The adjustments aim to reduce agricultural costs and enhance production efficiency through innovation.
The goal is to produce high-quality rice to increase income, while simultaneously reducing budget expenditure, said Mr Phumtham.