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LATEST NEWS UPDATES | Willing to ‘feed the world’ by summer, India may have to import wheat come winter -Sayantan Bera

Willing to ‘feed the world’ by summer, India may have to import wheat come winter -Sayantan Bera

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published Published on Aug 7, 2022   modified Modified on Aug 10, 2022

-ThePrint.in

With wheat prices soaring, the government may have to slash import duty and impose stock limits, say traders and analysts.

New Delhi: Rising wholesale and consumer prices of wheat may push India to allow imports of the staple food item in a few months’ time. If India turns importer, it will be a drastic reversal — from desiring to ‘feed the world’ in the summer to battling a shortfall by winter.

Compared to last year (2021-22) when India exported about 7.2 million tonnes of wheat, exports are estimated to be 6 million tonnes by the end of the ongoing financial year (2022-23).

India announced an export ban in May this year to ensure domestic availability of the cereal and tame food inflation.

But data from the Ministry of Consumer Affairs, Food & Public Distribution shows that wheat prices are skyrocketing. As on August 6, average retail and wholesale wheat flour (atta) prices for the entire country were 14 per cent and 19 per cent higher, respectively, year-on-year.

Retail wheat flour prices were 21 per cent higher in Delhi, 29 per cent higher in Mumbai and a staggering 46 per cent higher in Kolkata, compared to last year, as on August 5.

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ThePrint.in, 7 August, 2022, https://theprint.in/economy/willing-to-feed-the-world-by-summer-india-may-have-to-import-wheat-come-winter/1072990/


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