India is considering cutting or abolishing import taxes on wheat, Food Secretary Sanjeev Chopra said on Friday, as the world’s second-biggest producer of the staple struggles to contain price rises.
Chopra said there is no plan to import wheat from Russia or engage in a government-to-government deal.
Wheat prices in New Delhi have jumped 12 per cent in the past four months to 25,174 rupees ($303.85) a metric ton, the highest in nearly six months, as traders say production was hit by erratic weather. According to the government, wheat output rose to a record 112.74 million metric tons in 2023, up from 107.7 million metric tons a year earlier. India consumes around 108 million metric tons of wheat annually.
But a leading trade body told Reuters in June that India’s wheat harvest in 2023 was at least 10 per cent lower than the government’s estimate.