New Delhi. In the midst of inflation, news of relief has come for the common man. Due to the increase in record production and supply in the country, the prices of wheat and rice in the country will remain stable in the coming days, which means people will get food grains at a cheap price. India’s wheat production is likely to touch a record 112 million tonnes in the current crop year (2022-23), showing an increase of about 5% over the previous year. The production has increased due to favorable weather conditions, increased sowing area, and climate. In addition, the government is considering lifting restrictions on some exports of rice, as domestic prices are stable.
Meanwhile, the Food Corporation of India has decided to sell 2-2.5 MT of wheat in the open market this month to bulk buyers like flour mills to check rising grain prices. According to Financial Express, the Finance Ministry is expected to get approval for this sale soon.
Stock strengthened by record production of wheat As
per the latest assessment, the stock of wheat kept with FCI till April 1, 2023, will be 11.3 MT against the buffer of 7.4 MT. In the current season, wheat acreage has reached 33.2 million hectares (MH), as against the average sowing area of the past five years of 32.4 MH, according to data released by the agriculture ministry last week. Wheat, a major rabi or winter crop, is grown mostly in Punjab, Haryana, Rajasthan, Uttar Pradesh, and Rajasthan.
Gyanendra Singh, director of Karnal-based Indian Institute of Wheat and Barley Research, said, “Sowing of climate-resilient varieties, favorable weather conditions at present, and slightly higher area under wheat could take this year’s wheat production to a record 112 metric tonnes. “
The government may lift the ban on the export of rice
After the government’s decision to discontinue the free ration scheme from December 31, 2022, FCI is likely to have 3 MT surplus wheat stock by end of the current financial year against buffer Is. India banned wheat exports in May last year to ensure domestic supply. The retail inflation of wheat increased by 17.6% in November 2022 on an annual basis.
At the same time, the government is considering lifting the ban on some exports of rice, as domestic prices are stable. Government reserves are sufficient to meet the needs of welfare programs. According to the report of the news agency Bloomberg, an official aware of the matter has given this information. India in September imposed a 20% duty on shipments of white and brown rice and banned the sale of broken rice abroad.