Union Commerce and Industry Minister Piyush Goyal has said that the government has no plans to import wheat. According to Reuters, the minister also said that the farmers are likely to harvest a bumper crop that will boost stockpiles. Goyal told reporters, "Ground reports indicate that the crop is quite good and this year's production is expected at a record 114 million metric tons."
According to the report, the Centre in 2022 banned wheat exports after production was curtailed because of heat wave. However, overseas sales picked up as Russia's invasion of Ukraine sent global prices to multi-year highs.
As of now, the government has sold around 6 million metric tons of wheat to local bulk buyers since June 1, when the state-run Food Corporation of India (FCI) started selling the grain from its warehouses. Despite selling wheat from its granaries, inventories at state warehouses are likely to remain above the target of 7.46 million metric tons fixed for April 1, when a new marketing year starts, a top government official said earlier this month.
India's wheat stocks at state warehouses stood at 16.47 million metric tons as of Jan. 1, the lowest since 2017.
Goyal said India would for now continue with its export curbs on wheat, rice, and sugar. "We are committed to protecting both consumers' and farmers' interests," he said.
India, which is the second-biggest rice producer in the world, last year also banned overseas shipments of non-basmati white rice, and the government has also stopped mills from exporting sugar this year.
Goyal also said his government has no immediate plans to allow duty-free imports of maize in India turning down the poultry industry's demands. "Farmers will plant more maize this year," the minister added.
Earlier in November 2023, the central government said it has sold 2.84 lakh tonnes of wheat and 5,830 tonnes of rice from its buffer stock to 2,334 bidders through an e-auction by offloading food grains, in a bid to check retail prices in the open market.