India has ample wheat stocks, no plans to alter import duty, says government

India has sufficient wheat stocks to meet domestic requirements and undertake market interventions, if required, to keep prices stable, the government said on Thursday, adding that it has no plans to alter the import duty on the grain for now.

The Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution, is closely monitoring the market price of wheat, it said in a statement.

"Suitable interventions, as warranted, shall be undertaken to ensure that there is no hoarding by unscrupulous elements and the price remains stable," the statement said.

During the 2024 rabi marketing season, the department reported wheat production of 112 million tonnes. The state-run Food Corporation of India (FCI) has procured around 26.6 million tonnes of the grain until June 11.

After meeting the requirement for the public distribution system and other welfare schemes, estimated at around 18.4 million tonnes, sufficient wheat stock will be available for market interventions when needed, it said.

The quarterly buffer stocks vary through the year. As of January 1, 2024, wheat stocks stood at 16.35 million tonnes against the prescribed buffer norm of 13.8 million tonnes, it added.

"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," the statement said.