The Government today said that it is keeping a close watch on the market price of wheat. The Ministry of Consumer Affairs, Food and Public Distribution in a statement said that suitable measures will be undertaken to prevent hoarding by unscrupulous elements and maintain stability in the market price of wheat. The ministry said that the Department of Food and Public Distribution has reported production of 112 million metric tonnes of wheat during the Rabi Marketing Season 2024. It said, the Food Corporation of India has procured approximately 266 lakh metric tonnes of wheat till 11th of this month during the same period. The ministry added that after meeting the requirement for the Public Distribution System and other welfare Schemes, which is approximately 184 lakh metric tonnes, sufficient stock of wheat will be available to undertake market interventions, as and when required. Buffer stocking norms vary for each quarter of the year.
As of the 1st of January this year, the wheat stock was 163.53 LMT against the prescribed buffer norm of 138 LMT. The Ministry said that the Wheat stock has at no point in time dipped below the quarterly buffer stock norms. There is no proposal to alter the duty structure on imports of wheat.
Disclaimer: This press release is sourced from News On AIR, Prasar Bharti and Press Information Bureau India (PIB).
