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India had wheat sales halted in the open market when wheat prices were rising.
The regulation on wheat exports has helped in controlling prices, the Union Ministry of Food and Public Distribution said. Food and Public Distribution Secretary Sanjeev Chopra told the media that the increase in prices came down from 15% to 5% after the regulations .
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India, the world's second-largest wheat producer, had wheat sales halted on the open market when wheat prices were rising. “Now, more stocks are available for domestic consumption and the public distribution system”, says the food secretary. As a result, prices, compared to May 2022 prices, fell by about 7%.
When asked whether the Center would lift the export ban, he said the government's main concern was the country's food security and adequate stocks were available due to measures taken earlier.
Regarding the reduction in wheat purchases during the last season, the secretary claims that it was due to an increase in the market price and a mismatch between demand and supply.
Source: Iara Siqueira | agrolink
