Government Monitors Wheat Prices To Prevent Hoarding Of Stocks

The Department of Food and Public Distribution is closely monitoring wheat prices to ensure market stability and prevent hoarding. The Ministry of Consumer Affairs, Food & Public Distribution has issued a press release disclosing the current position on stocks of wheat in the country. This press release was issued on June 13, 2024.

The Ministry is keeping a watchful eye on wheat prices after recent concerns about potential shortages.

Interventions will be undertaken to prevent unscrupulous elements from stockpiling wheat and driving up prices.

The Food Corporation of India (FCI) has procured a significant amount of wheat (266 LMT) during the ongoing Rabi Marketing Season (RMS) 2024. This buffer stock, along with wheat production estimated at 112 million MT, is sufficient to meet Public Distribution System (PDS) and welfare scheme needs (around 184 LMT) and allow for market interventions if necessary.

Wheat stock levels have consistently remained above the minimum buffer stock norms for each quarter. As of January 1, 2024, wheat stocks were well above the prescribed buffer norm. Currently, there are no plans to alter import duties on wheat.