Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

India may extend wheat export ban to preserve local supplies: Govt sources.


Date: 09-02-2023
Subject: India may extend wheat export ban to preserve local supplies: Govt sources
India is considering extending a ban on wheat exports as the world's second-biggest producer seeks to replenish state reserves and bring down domestic prices, government sources said.

The current ban was scheduled to be reviewed in April and top government officials from food, farm and trade ministries are likely to make a decision on an extension by the end of March, or early April, government and industry sources said, adding they don't expect wheat exports to resume until mid-2024.

A jump in exports following Russia's invasion of Ukraine has pushed up local wheat prices, prompting India to ban exports in May, but that failed to stop domestic prices rising, as a sudden spike in temperatures hit last year's output.

Although the new season looks promising, slightly warmer than normal patterns in March, when farmers start harvesting, could still shrivel the crop.


"The idea is to ensure that the government's own wheat procurement goes up this year," said a government source who didn't wish to be named, in line with official rules. "We do not want a repeat of last year."

Higher food prices makes the government vulnerable to criticism from opposition parties ahead of state elections, which are due later this year.


Last year, state purchases of wheat fell by 53% to 18.8 million tonnes, as open market prices rose above the rate at which the government buys the staple from domestic farmers.

The government buys rice and wheat from farmers at state-set prices to run the world's biggest food welfare programme.

"The priority is to build stocks and bring down prices," said a second government source. "The focus is to buy as much as possible from farmers from the current season's crop and build the wheat stockpile."

Wheat stocks at government warehouses dropped 47.9% to 17.2 million tonnes on Jan. 1, the lowest for the month in six years.


In 2023, India is expected to harvest a record 112 million tonnes of wheat.

India's local wheat demand is estimated at around 105 million tonnes, and traders estimate last year's production dropped to about 95 million tonnes, resulting in record prices.

Domestic wheat prices hit an all-time high of 32,500 rupees ($393.53) a tonne in January, higher than 21,250 rupees a tonne - the price at which the government will buy the grain from local farmers this year.


Source Name:-Economic Times


 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 16-03-2023
Notification No. 15/2023 - Customs (N.T.)
Exchange rate Notification No. 15/2023-Cus (NT) dated 16.03.2023-reg

Date: 15-03-2023
Notification No. 14/2023-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 03-03-2023
Notification No. 16/2023-Customs
Seeks to amend notification No. 50/2017- Customs, dated 30.06.2017, in order to reduce the BCD on Tur Whole to Nil.

Date: 03-03-2023
Notification No. 15/2023-Customs
Seeks to amend notification No. 30/2022- Customs, dated 24.05.2022, in order to discontinue the specified TRQ rate after the 31st March 2023.

Date: 03-03-2023
Notification No. 11/2023-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel.

Date: 03-03-2023
Notification No.10/2023-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and reduce SAED on export of Aviation turbine Fuel.

Date: 03-03-2023
Notification No. 12/2023-Central Excise
Seeks to further amend No. 10/2022-Central Excise, dated the 30th June, 2022 , to reduce the Road and Infrastructure Cess on Diesel.

Date: 02-03-2023
Notification No. 12/2023 - Customs (N.T.)
Exchange rate Notification No. 12/2023-Cus (NT) dated 02.03.2023-reg

Date: 28-02-2023
Notification No. 03/2023- Integrated Tax (Rate)
Seeks to amend notification no. 1/2017-Integrated Tax (Rate), dated 28.06.2017.

Date: 28-02-2023
NOTIFICATION No. 02/2023- Integrated Tax (Rate)
Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023.



Exim Guru Copyright © 1999-2023 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001