Despite record production, India can still be Wheat import needs
Pune: India was first prepared to produce wheat records, thanks to the Green Revolution in the 60s, but it is still less to meet the annual needs of grain for its growing population.
The government’s wheat production estimate for 2017-18 is the highest 970 million tonnes so far. However, our total annual consumption is 1000 million tonnes. To meet this reduction, India may have to import wheat.
By 25 May, the government had bought 292 million tonnes of wheat across the country. During the week ended on May 28, the pavilions around the country have declined 9% in I wheat.
State wise details mentioned below:
The purchase price was slightly above in the major markets of Madhya Pradesh due to low incoming. However, the demand in major states is still vulnerable as buyers are expected to further improve after GST is implemented. The price of quality wheat in Indore was Rs 1,550 per quintal and the value of the Lokwan-1 variety was Rs 1,575-1,790/ quintal.
Conclusion
Despite low incoming and weak prices, Millers will have to avoid any bulk purchase as GST is undertaking and anticipation of improvement. 0% tax on wheat is likely under the new tax regime. The expected trade price of wheat in Delhi will be Rs.1,675-1715/Qintal.
