Food Secretary Sudhanshu Pandey Wheat cheaper in domestic market effect ban on Wheat exports

Food Secretary Sudhanshu Pandey Wheat cheaper in domestic market effect ban on Wheat exports

New Delhi. Union Food Secretary Sudhanshu Pandey on Saturday hinted at a 19 per cent increase in wheat and wheat flour retail prices in the last one year, saying the government’s decision to ban wheat exports would hit the local market in a week or two. Wheat price is expected to be cheaper

He said that along with a slight decline in wheat production in India, the fall in global supply has also pushed up its prices. For the same reason, local prices of wheat and flour also went up last month.

PDS is unlikely to be affected

“The potential decline in wheat production in India and the decline in government procurement are not expected to affect wheat PDS,” the food secretary said. PDS will continue to run smoothly.

The central government has banned the export of wheat

The Directorate General of Foreign Trade (DGFT) of the Commerce Ministry had on Friday night banned the export of wheat with immediate effect. However, it has approved the export of wheat with valid LOC issued on or before the date of notification.

The food secretary said, “Global demand was increasing and various countries were imposing sanctions. Prices were being determined by assumptions. We are confident that now assumptions will also work to bring down prices. These days imports with global prices in many regions.” Inflation is high. The same was happening in the case of wheat. Wheat prices are rising internationally. Wheat from other countries was being sold at a high price of 20 420-480 per tonne.

Also read thisRetail Inflation: Retail Inflation Reaches 8-Year High, Reaches 7.79 Percent in April

Will help reduce prices

In such a scenario, he said, India had to ban wheat exports to control rising domestic prices and protect the interests of consumers. This decision will definitely help bring down the prices. However, he said, it is not possible to predict how much the price will go down. “But local prices will undoubtedly come down in a week or two.”

Published by:kiran mehta

First published:

Tags: Bhaliya wheat, Business news, Business news in gujarati, Export, National news, National News in gujarati, Wheat, Bhaliya wheat

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