Wheat stock limits back to curb hoarding
NEW DELHI: The Indian government has re-imposed wheat stock limits to curb hoarding and stabilize prices until March next year. Officials anticipate a decline in prices of wheat, green vegetables, potatoes, and onions following the abatement of heatwaves across the country. Union Food Secretary Sanjeev Chopra emphasized that wheat production exceeds last year’s by 40-50 lakh tonnes, ensuring ample supply. Additionally, measures include maintaining adequate stocks for national food security and creating buffers for onions amid increased wholesale prices.
NEW DELHI: Govt re-imposed stock limit on wheat on Monday, barely after a gap of two-and-a-half months, to check hoarding and price rise of the commodity. This will remain in force till March next year. While this is aimed at bringing down prices, officials said the prices of green vegetables, potato and onion are also likely to cool down with heatwave subsiding in many parts of the country.
Food and public distribution department last year imposed a stock limit on June 13 which lasted till March. As per the new norms, wholesalers can keep 3,000 tonne of wheat stock and stock with retailers capped at 10 tonne. Big chain retailers can keep 10 tonne for each outlet and 3,000 tonne at all depots at any given point of time. They have to disclose the stock every week as well.
Union food secretary Sanjeev Chopra said, “The decision has been taken to put a check on hoarders and black marketers who are trying to gain as sentiment around wheat prices (are) going up amid rumours of not having adequate wheat. We want prices of wheat to be stable.”
He said there is no shortfall of wheat as overall production was 40-50 lakh tonne higher than last year. Chopra said opening stock of wheat was 82 lakh tonne on April 1, 2023 while it was 75 lakh tonne on April 1, 2024. The secretary said 266 lakh tonne of wheat has been procured in this Rabi season against 262 lakh tonne last season.
This will be more than what govt requires for the National Food Security Act and other welfare schemes of 184 lakh tonne and closing stock requirement.
On prices of other essential commodities, Union consumer affairs secretary Nidhi Khare said they expect prices to fall soon. “Severe heatwave reduced arrival of green vegetables and thereby putting pressure on potatoes and onions.” She said govt is creating onion buffer stock and are also hopeful of procuring tur dal this year for market intervention.
Average wholesale prices of onion increased to Rs 3,162 per quintal in the wholesale market on Monday compared to Rs 1,771 a year back. Wholesale prices of potato have also increased to 2,570 per quintal compared to Rs 1,657 last year. The production of onions and potatoes was less last year due to erratic rainfall and weather conditions.
Source Link : https://timesofindia.indiatimes.com/business/india-business/wheat-stock-limits-back-to-curb-hoarding/articleshow/111240747.cms
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