: India denies reports that it could import wheat as reserves are declining #IndiaNEWS The Centre on Sunday dismissed reports that stated that India was likely to import wheat due to a decline in its

India denies reports that it could import wheat as reserves are declining #IndiaNEWS
The Centre on Sunday dismissed reports that stated that India was likely to import wheat due to a decline in its reserve stock of the foodgrain, reported ANI.“The country has sufficient stocks to meet our domestic requirements and Food Corporation of India has enough stock for public distribution,??? the Department of Food and Public Distribution said in a clarification.Earlier on Sunday, Bloomberg reported that India was likely to import the foodgrain to meet its requirements. On August 8, Reuters reported that India could cut a 40% duty on wheat imports to rein in the rising domestic prices of the crop. “If global prices fall by another 20% and Indian prices continue their rally, then maybe, sometime after a few months, imports might become feasible,??? an unidentified trader was quoted as saying.In April, Prime Minister Narendra Modi had offered to “feed the world??? in the wake of dwindling wheat supply due to the war in Ukraine. However, in a policy U-turn just about a month later, India banned wheat exports to control the escalating prices of the crop in the country. India was among the many countries that has stepped in to mitigate the supply chain disruptions that had occurred after Russia invaded Ukraine – which accounts for 10% of global wheat supply – on February 24....Read more

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