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India does not intend to import wheat as it expects a record wheat harvest of around 114 million metric tons, according to Trade Minister Piyush Goyal. Despite earlier restrictions on wheat exports, India has sold approximately 6 million metric tons of wheat to local buyers since June 1, with state warehouses likely to maintain inventories above the 7.46 million metric tons target when the new marketing year begins on April 1.

Under the scheme, FCI offers wheat through weekly e-auctions at a reserve price of Rs 2,125 per quintal, which is equivalent to the current Minimum Support Price (MSP) of wheat, it said.

India will reduce the limit on wheat stocks that traders and millers can hold, but has no plans to abolish the import duty on the grain. The government official stated that there is sufficient local supply, and that more wheat stocks will be released into the market if needed. Recent export curbs have helped ensure adequate availability of staples such as rice, wheat, and sugar. The government is fully prepared to meet festival demands for rice, wheat, and sugar, alleviating concerns about potential supply shortages.

KARACHI: Pakistani traders have finalized 12 deals for the import 0.7 million metric tons of wheat to avoid the...

Ajay Goyal of Shivaji Flour Mills discusses why wheat prices have surged in India and what is expected from the govt to regulate it.