homeeconomy NewsIndia expecting wheat prices to fall soon and lesser sugar production than last year
India expecting wheat prices to fall soon and lesser sugar production than last year
Food secretary Sanjeev Chopra also said the government will review the situation on non-basmati rice export in due course, when the production and procurement figures are in line. He said there is no issue on export of basmati rice and the restrictions were imposed only on non-basmati rice.
The Union Government is hoping that its decision to sell 30 lakh tonne of wheat in the open market will reduce its price further in the coming days. With wheat procurement slated to start from April 1, the government is expecting a good production this year as per the second advance estimates from the agriculture ministry.
Talking about the the fall of wheat prices to less than Rs 2,500, food secretary Sanjeev Chopra told CNBC-TV18 that the expected production of 112 to 113 MT of wheat is a cause for cheer. On February 13, government sources had indicated that wheat export is not under consideration till May 2023 and any decision to allow wheat export again, be taken up after the full harvest of the rabi stock by April-end.
The food secretary said that the government will review the situation on non-basmati rice export in due course, when the production and procurement figures are in line. He said there is no issue on export of basmati rice and the restrictions were imposed only on non-basmati rice.
Talking about sugar stocks, Chopra said data suggested production figures would be less than last year. He said any decision on sugar export quota, over and above the 60 lakh tonne export allowed in November last year, will be taken only when there's a "very firm indication" on production figures.
Meanwhile, the food secretary said edible oil prices are no cause for concern as they are stable. He indicated that the about-to-arrive mustard crop is expected to be very good, the groundnut procurement is proceeding well and the tariff rate quota (TRQ) has already been made available for sunflower and soyabean on zero duty.
The government is stressing on efforts to make 5.3 lakh fair price shops across India financially more viable and vibrant, for which an MoU has signed with common service centres and tie-ups with states have been established to improve viability. The food secretary added that the government is enabling more B2C and G2C tie-ups of fair price shops and common service centres for better margins and customer service.
First Published: Feb 15, 2023 1:25 PM IST
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