Wheat Prices News / Government's statement on rising wheat prices, no plans to reduce import duty

Vikrant Shekhawat : Jun 13, 2024, 06:50 PM
Wheat Prices News: The government's statement has come out on the rising prices of wheat. The government says that it is keeping an eye on the prices. At present, there is no plan to reduce the import duty on wheat. This time the wheat production has been 112 million metric tons. There is not going to be a shortage of wheat for any government scheme. The government says that so far FCI has purchased 266 lakh metric tons of wheat. The central government is keeping an eye on the prices of wheat.

What does the report say?

The government is continuously purchasing wheat to complete the stock of wheat. So far the government has purchased 26 lakh tonnes of wheat. While the target is 372 lakh tonnes. Not only this, the government has also extended the time for wheat purchase till June 22, although wheat is not reaching the markets that much. If such conditions persist, then the government will have to import wheat immediately to distribute food grains to the poor.

India's wheat exports have increased in the last few years. While India last imported 15 lakh tonnes of wheat from Australia and Ukraine in 2017-18. At the same time, 80 lakh tonnes of wheat was exported from the country in 2021-22, 55 lakh tonnes in 2022-23 and 5 lakh tonnes in 2023-24.

Now flour has become expensive

At present, the price of wheat in the open market is Rs 2600 to Rs 2700 per quintal. In such a situation, flour made from expensive wheat will also be expensive. According to experts, due to this, in the coming 15 days, flour can reach the price of Rs 31 per kg, which is currently at the price of Rs 28. To control the prices of wheat, the government has imposed a stock limit for traders. Now they cannot store more than 5,000 quintals of wheat, which is a matter of concern in itself.