Monday, December 5, 2022

Wheat Prices: No action to control wheat prices yet: Food Secretary Sanjeev Chopra

The federal government has dominated out any action to control wheat prices because it retains an in depth watch on the value motion of the commodity. The value rise of the meals grain is in tandem with the rise within the minimum support price (MSP) and common inflationary developments, mentioned Sanjeev Chopra, secretary, the Department of Food.

“Rice prices are simply flat. Wheat prices have gone up by 7 p.c in retail after the imposition of wheat ban in Might and if we bear in mind the rise in minimal help value (MSP), the value rise is 4-5 per cent,” he mentioned.

Chopra mentioned that no resolution has been taken but on Open Market Sake Scheme (OMSS) of wheat to settle down the prices including that the inventory place of wheat and rice are snug and greater than the buffer norms.

The federal government can have 113 LMT of wheat on April 1, 2023 in opposition to the buffer inventory of 75 LMT required. The projected inventory place of rice as of April 1, 2023 is 237 LMT in opposition to the buffer norm of 137 LMT.
The federal government has procured 277.37 LMT of paddy as on November 21 this 12 months in contrast to final 12 months’s 263.42 MT throughout the identical interval. Nevertheless, its wheat procurement fell to 187.92 lakh tonnes within the 2022-23 advertising 12 months from 434.44 lakh tonnes due to fall in home output and aggressive purchases by personal events.

On edible oil, Chopra mentioned the retail prices of cooking oils are on a downward development and charges are probably to cut back additional.

In Might, the federal government had banned exports of wheat to augur home provides and hold prices below control. In September, it additionally banned exports of damaged rice.

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