The government has announced its decision to offer 5 million metric tonnes of wheat and 2.5 million tonnes of rice to bulk users, notably flour millers, in an effort to stabilise prices and augment supplies.
This decision comes as the world’s second-largest consumer of wheat and rice struggles to maintain stable prices for these critical commodities.
Efforts to guarantee adequate supplies and lower prices have been underway, including strategic measures such as a restriction on non-basmati white rice exports and the enforcement of wheat storage limits.
The goal of the government is to address the concerns about the availability and price of these critical dietary staples.
In a statement, Food Secretary Sanjeev Chopra stated that India has considerable inventories of both wheat and rice that can be released into the open market to help stabilise prices.
As of August 1, the government’s warehouses held around 28.3 million metric tonnes of wheat, an increase from the previous year’s total of 26.6 million tonnes.
Try to take advantage of the situation: Food Secretary Sanjeev Chopra
“People are hoarding wheat in anticipation of prices going up but they should realise that there are adequate stocks with the government,” Chopra said. “People involved in the trade should not try to take advantage of the situation by hoarding wheat,” he added.
His warning comes as wholesale wheat prices in India have risen to a six-month high due to restricted supplies.
Furthermore, the government is actively studying additional measures to ensure wheat market stability. Among the possibilities is reducing or removing the existing 40% import tariff on wheat. Furthermore, discussions are underway to revise the limits on wheat stocks held by millers and traders.
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