India reduces wheat stock limit to 2,000 tonnes for wholesalers, traders
The Centre has reduced the limit for wheat stock for traders and wholesalers to 2,000 tonnes. They have been asked to align with revised wheat stock limit by October 12. Food Secretary Sanjeev Chopra said the government will release more wheat stocks into the open market to curb prices during the coming festive season.
Chopra said, “Artificial scarcity is being created by certain quarters. Prices at retail level are still holding good. We want excess held stock to be released in the market.”
He said the country has 255LT wheat stock against a requirement of 202 LT. A 30 LT surplus wheat available over and above buffer stocks for market intervention and another 57 LT already deployed for market intervention.
On reports of falling sugar output in Maharashtra by 14 percent, He said, “85 LT sugar is available which is sufficient for three-and-half months.” Recently sugar prices rose due to rumours of crop failure and shortage. Chopra refuted the view of Indian Sugar Mills Association (ISMA) on sharp dip in sugar stocks.
Sugar prices have jumped by more than 3% in a fortnight to their highest level in six years, traders and industry officials said.
The government has also sought data on the current sugar stocks to ensure sufficient availability at reasonable prices. This will include a collection of data on sugar stocks sold to sugar traders/wholesalers other than sugar mills.
Sugar prices rose to Rs 37,760 rupees per metric ton on Tuesday (September 5). Indian prices are still nearly 38% lower than the global white sugar benchmark.
He said the Centre has been concerned over 10 percent price rise in rice due to negative sentiment created by vested interests. The rice stock is 230 LT as of now and intensive enforcement drives were being conducted by central and state officers against hoarders under Essential Commodities Act.
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