India Exceeds Wheat Buffer Stock Norms, No Changes to Import Duties Planned

The government announced on June 13, 2024, that India has ample wheat stocks to meet domestic needs and conduct market interventions if necessary to maintain price stability. Additionally, there are no current plans to adjust the import duty on wheat.

Department of Food and Public Distribution, under the Ministry of Consumer Affairs, Food and Public Distribution, is closely monitoring the market prices of wheat. To maintain price stability and prevent hoarding by unscrupulous elements, the department is prepared to take necessary interventions.

During the Rabi Marketing Season (RMS) 2024, wheat production reached an impressive 112 million metric tons. Food Corporation of India (FCI) has successfully procured approximately 26.6 million tons (LMT) of wheat as of June 11, 2024. After fulfilling the requirements of the Public Distribution System (PDS) and other welfare schemes, which demand around 18.4 million tons, there remains ample stock to support market interventions if needed. 

Buffer stocking norms, which vary by quarter, have been consistently met. On January 1, 2024, the wheat stock stood at 16.353 million tons, significantly above the prescribed buffer norm of 13.8 million tons. Throughout the year, wheat stocks have never fallen below the quarterly buffer stock norms. Currently, there are no plans to modify the import duty structure on wheat.

This proactive approach ensures that wheat prices remain stable, and the market remains free from undue manipulation. The government remains committed to safeguarding the interests of consumers and maintaining a steady supply of essential food grains.