Sunday, February 25, 2024
Google search engine
HomeBusinessEnough wheat stock in India; govt to keep check on hoarders: Food...

Enough wheat stock in India; govt to keep check on hoarders: Food Secy

[ad_1]




The government on Monday said there is sufficient in the country and that it will take action against hoarders, if needed, to boost domestic supply.


The Centre may consider steps like asking for disclosure of wheat stocks by traders and imposing stock limits to augment domestic availability.


Addressing the 82nd AGM of Roller Flour Millers Federation of India, Food Secretary Sudhanshu Pandey said there is no problem of wheat in the country and the Centre has 24 million tonne of wheat in godowns of state-owned FCI.


The secretary pointed out that wheat prices have gone up due to “speculative trading”.


Pandey said the government’s forecast is around 105 million tonne in rabi season of 2021-22 crop year (July-June) while the trade estimates are 95-98 million tonne.


Even if trade estimates are to be believed, Pandey said the production is enough to meet the domestic demand.


The country has exported 4.5 million tonne of wheat so far this fiscal year. Out of that, 2.1 million tonne were shipped before imposition of ban on wheat exports on May 13.


India exported 7.2 million tonne of wheat in previous fiscal year.


“There is no problem of wheat availability within the country. Overall quantity which we need for domestic requirement is available in the country,” Pandey asserted.


The government will take necessary steps, if needed, to ensure adequate wheat supply in the market, he said.


“There has been an impact on prices because of speculative trading,” he said, adding people have hoarded wheat in anticipation of further price rise.


Pandey pointed out that wheat is coming slowly into the market as speculators are still hoarding in anticipation of price rise.


“Our position is comfortable. We have 24 million tonne in the central pool,” he said.


The government is making efforts to raise in the coming rabi (winter sown) season.


“Adequate wheat is available in the country. We will take steps if needed to bring out the grain into the market,” Pandey said.


To check hoarding and black marketing, the secretary noted that the requirements of disclosure of wheat stocks by traders could be the first stage before imposition of stock limits.


India’s is estimated to have declined to 106.84 million tonne in 2021-22 crop year from 109.6 million tonne in the previous year due to heat waves in certain states like Punjab and Haryana.


The government’s wheat procurement fell drastically to around 19 million tonne in 2022-23 marketing year (April-March) compared with 43 million tonne in the previous year.


This forced the Centre to impose ban on wheat exports and also supply more rice instead of wheat through ration shops.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



[ad_2]

Source link

RELATED ARTICLES
- Advertisment -
Google search engine

Most Popular

Recent Comments