Wheat Prices In India: There has been a huge increase in the prices of wheat. In May 2022, due to rising prices in the domestic market, the government had banned the export of wheat, despite this there has been a 27 percent jump in the prices of wheat since May. After which the government can take big decisions to rein in the prices so that the common people can be relieved from the costly wheat. The inflation of food items is continuously troubling the government. Despite the steps of the government, the prices did not stop.
To control the prices of wheat, the government can release wheat from its stock in the open market. Apart from this, 40 percent import tax on the import of wheat in the country can be abolished. Wheat prices have seen an increase even after banning exports. In the domestic market, the price of wheat has reached Rs 26,500 a tonne, which is 27 percent higher than in May 2022.
India is the second largest producer of wheat in the world and consumption is also very high here. Flour has become expensive due to expensive wheat. Due to the cost of flour, the prices of things made from it have increased, such as biscuits, bread are included. However, it is believed that till the new supply of wheat does not come by next year, the chances of getting relief from expensive wheat are very less.
At the beginning of October, the government’s warehouse had a stock of 22.7 million tonnes of wheat. Which is less than a year’s 46.9 million tonnes. In fact, due to crop damage in 2022, there was a decline of 57 percent in government procurement.
read this also
Moodys Investor Service: Moody’s slashes India’s growth forecast for 2022, from 7.7% to 7%