India has no plans to import wheat despite rising prices: Report

India does not plan to import wheat this year, anticipating a bumper crop that is set to bolster stockpiles in the world’s second-largest producer of this essential staple.

Trade Minister Piyush Goyal shared this information during a press conference on Saturday.

“Ground reports indicate that the crop is quite good, and this year’s production is expected to reach a record 114 million metric tons,” said Goyal.

It is noteworthy that India had imposed a ban on wheat exports in 2022 due to a heat wave affecting output. However, recent overseas sales have surged, primarily driven by the global spike in prices following Russia’s invasion of Ukraine.

Since June 1, the Food Corporation of India, a state-run entity, has sold approximately 6 million metric tons of wheat to local bulk buyers from its warehouses.

Despite this significant sale, government officials indicate that inventories at state warehouses are likely to surpass the target of 7.46 million metric tons set for the beginning of the new marketing year on April 1.

As of January 1, the country’s wheat stocks at state warehouses stood at 16.47 million metric tons, the lowest since 2017.

Goyal affirmed that India would maintain its export restrictions on wheat, rice, and sugar, emphasising the commitment to safeguard both consumers’ and farmers’ interests.

India, being the second-largest rice producer globally, imposed a ban on overseas shipments of non-basmati white rice last year. Additionally, New Delhi has halted sugar mills from exporting sugar this year.

Responding to the poultry industry’s demand for duty-free imports of corn, also known as maize in India, Goyal said that the government has no immediate plans for such imports. He expressed confidence that farmers would increase maize cultivation this year.

“We are committed to supporting our farmers and ensuring the interests of consumers are protected,” Goyal reiterated during the press conference.

Tags: exports, импорт, Production, wheat, India, ban, output, stockpiles, bumper crop