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Friday, July 12, 2024

Centre Monitoring Market Price of Wheat Closely

The Department of Food and Public Distribution under Ministry of Consumer Affairs, Food and Public Distribution is keeping close watch on the market price of Wheat. In addition, suitable interventions, as warranted shall be undertaken to ensure that there is no hoarding by unscrupulous elements and the price remains stable.

During RMS 2024, the Department has reported production of 112 million MT of wheat. Food Corporation of India (FCI) has procured approximately 266 LMT of wheat till 11.06.2024 during RMS 2024. After meeting the requirement for Public Distribution System (PDS) and other Welfare Schemes, which is approximately 184 LMT, sufficient stock of wheat will be available to undertake market interventions, as and when required.

Buffer stocking norms vary for each quarter of year. As on 1st January, 2024, the wheat stock was 163.53 LMT against prescribed buffer norm of 138 LMT.  The Wheat stock has at no point of time dipped below the quarterly buffer stock norms. In addition, at present, there is no proposal to alter the duty structure on imports of wheat.

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