MUMBAI: India has sufficient stock of wheat and has no plans to import the grain, the government clarified on Sunday after some media outlets reported that New Delhi is planning to import wheat.
Local wheat prices on Friday touched a record Rs 24,453 ($305.97) per tonne.
It was up nearly 16% from recent lows after the government’s surprise ban on exports on May 14 raised hopes that India could fill the market gap left after missing out on Ukraine cereal.
The uptick in local prices has prompted traders to speculate that New Delhi will allow imports to augment supplies, which had plummeted after a heatwave hit production.
But the Department of Food and Public Distribution in a tweet said, “There is no such plan to import wheat into India. The country has enough stock to meet our domestic needs and Food Corporation of India There is enough stock for public distribution.”
India’s wheat procurement in 2022 fell 57% from a year earlier to 18.8 million tonnes.
At present 40% import duty is levied on import of wheat into India. Traders said that until the government does not abolish the import tax, foreign buying is not possible.
Local wheat prices on Friday touched a record Rs 24,453 ($305.97) per tonne.
It was up nearly 16% from recent lows after the government’s surprise ban on exports on May 14 raised hopes that India could fill the market gap left after missing out on Ukraine cereal.
The uptick in local prices has prompted traders to speculate that New Delhi will allow imports to augment supplies, which had plummeted after a heatwave hit production.
But the Department of Food and Public Distribution in a tweet said, “There is no such plan to import wheat into India. The country has enough stock to meet our domestic needs and Food Corporation of India There is enough stock for public distribution.”
India’s wheat procurement in 2022 fell 57% from a year earlier to 18.8 million tonnes.
At present 40% import duty is levied on import of wheat into India. Traders said that until the government does not abolish the import tax, foreign buying is not possible.