Centre Closely Monitors Wheat Market Prices, Ensures Sufficient Stock for Public Distribution

GG News Bureau
New Delhi, 14th June. 
The Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution announced today that it is closely monitoring the market prices of wheat. The department is prepared to undertake suitable interventions to prevent hoarding and ensure price stability.

The current Rabi Marketing Season (RMS) 2024 has seen a reported wheat production of 112 million metric tons (MT). The Food Corporation of India (FCI) has procured approximately 266 lakh metric tons (LMT) of wheat as of June 11, 2024. After fulfilling the requirements for the Public Distribution System (PDS) and other welfare schemes, which amount to approximately 184 LMT, there remains a sufficient stock of wheat to facilitate market interventions if necessary.

Buffer stock norms for wheat vary quarterly. As of January 1, 2024, the wheat stock stood at 163.53 LMT, surpassing the prescribed buffer norm of 138 LMT. At no point has the wheat stock dipped below the quarterly buffer stock norms, assuring a stable supply.

The department also clarified that there is currently no proposal to alter the duty structure on wheat imports. This announcement aims to reassure the public and stakeholders that the government is well-prepared to manage wheat supplies and maintain price stability in the market.

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