Business News | India's Wheat Stock Significantly Higher Than Strategic Requirements, Exports to 'boost' Farmers' Income

New Delhi [India], April 21 (ANI): India's stock of wheat is significantly higher than the strategic and operational requirements, and the prices in the country remain stable despite the global surge caused by the ongoing Russia-Ukraine conflict, government sources said.

For the year 2022-23, the opening stock of wheat stood at 190 lakh metric tonnes (LMT). The expected procurement during the year is 270 LMT. This takes the total stock to 460 LMT.

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The projected requirement for the welfare schemes is 360 LMT.

The government is expected to have a balance stock of 100 LMT of wheat during the year 2022-23 after supplying wheat under all the welfare schemes, the government sources said.

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The total wheat production in India during the year 2022-23 is projected to touch 1050 LMT.

India exported 70 LMT of wheat during the year ended March 2022. In the current financial year, the export is likely to be higher as the Russia-Ukraine conflict has created a shortage of supply globally.

Due to the continuous efforts of the Centre, most countries including Egypt have given market access to India, the sources said.

With an increase in demand for wheat, this will be a great opportunity for India to gain permanent wheat export markets globally thereby leading to a boost in income of wheat growing farmers of the country, the sources said.

Wheat prices have surged globally, but they remain largely stable in India due to sufficient stocks. Retail prices of wheat rose marginally to Rs 28.67 per kg in March 2022 from Rs 27.90 recorded in March 2021.

Retail prices of Atta rose marginally to Rs 32.03 per kg in March 2022 from Rs 31.77 per kg recorded in March 2021.

According to the sources, the Government of India has been constantly monitoring domestic prices of wheat along with the ongoing procurement in the current season and any shortfall would be met through the sale of wheat under the Open Market Sale Scheme. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)