India is planning to import 9 million tonnes of wheat from Russia to keep a check on rising domestic prices of the commodity, reports Economic Times.
The prices of wheat have been up by 6.2% to Rs 2,633 per quintal on August 2, from Rs 2,480 last year, said a report published by the Economic Times.
Since the government imposed stockholding limits and sold the grain in the open market to traders over the concern of a shortfall in domestic production, the prices have been rising.
The prices have been increasing due to low production, declining stocks, and rising demand.
Wheat production is likely to be around 112.7 million tonnes (MT) in 2023 as per the government but the traders and millers estimate the wheat output to be around 101-103 MT due to unseasonal rain and hailstorms in various parts of the country during the season.
In a written reply to the Lok Sabha on August 2, Minister of State for Consumer Affairs, Food and Public Distribution Sadhvi Niranjan Jyoti said that the government is closely monitoring the changing prices of wheat in the domestic market.
