India may extend Wheat export ban: Reports

New Delhi, Feb 09: The government is considering extending the wheat export ban in order to replenish its local reserves. According to government sources cited by agencies, the the decision on extension of the wheat export ban is likely to take place in March.

 

 

 

According to officials from government and industry sources, wheat exports are likely to resume in mid-2024.

 

 

 

According to a Reuters report, the current ban was slated to be reviewed in April and officials from trade, farm, and food ministries are expected to make a decision in March. The wheat prices in domestic markets started rising after the Russia-Ukraine crisis in February 2022. While the government banned wheat exports in May 2022, domestic prices continued to grow due to a sudden spike in temperatures. "The idea is to ensure that the government's own wheat procurement goes up this year... We do not want a repeat of last year," a government source told the agency.

 

Also Read: FM Sitharaman suggests relooking into the 28% GST slab 

 

The state purchases of wheat dipped by 53 percent last year as prices in the open market rose above the price at which the government buys from domestic farmers. This resulted in declining wheat stocks in government warehouses. This year, India is expected to harvest 112 million tonnes of wheat. This can be viewed against India's estimated wheat demand, which is 105 million tonnes.