Wheat Prices Record Spike, Touch Rs 2,500 per Quintal Mark in Delhi

Date:

NEW DELHI — Wheat prices have seen a significant rise to cross a record Rs 2,500 per quintal due to slower supplies and robust demand.

According to traders in Delhi, the heat wave led to lower production of wheat this year, impacting the domestic supplies of the agricultural produce.

Jai Prakash Jindal of Delhi Lawrence Road Mandi said that the prices have been going up daily since the last few days.

“Even today the rate went up by Rs 30 and now the price here is Rs 2,550 per quintal. In Haryana, it is Rs 2,400 per quintal, while in Rajasthan the price is Rs 2,370 per quintal,” he said.

The mandi prices were hovering around Rs 2,150 to Rs 2,175 per quintal since the ban on wheat export was imposed on May 14, 2022.

Jindal said that production has been on the lower side this year and the government did not stop export at the right time.

“A lot of wheat was already exported by the time the government put a ban on wheat export. It should have been done earlier,” he said, adding that import of wheat will be needed to fulfil the festive demands in the upcoming months of October and November.

Government data revealed that wheat export has increased in the last few years. Wheat valued at $2,121.5 million was exported in 2021-22. In the first four months of 2022-23 (April-July), wheat worth over $1,190 million was exported.

The reasons for the increase included various factors like international demand-supply situation, rise in global commodity prices and conflict between major wheat exporting nations like Ukraine and Russia, etc.

Meanwhile, government sources said that the Centre may take a few initiatives to meet the demand and to curb the rising prices of wheat.

It may scrap the 40 per cent import duty on wheat. Besides, it can also impose stock holding limits on wheat and voluntary disclosure of wheat stocks held by stockists and traders.

Officials said that the procurement of wheat has fallen due to higher purchase of wheat by traders as market price of the produce has shot up due to prevailing international geopolitical situations. — IANS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Goa Congress Hits out at BJP Govt for Skipping Nehru in Advertisement

PANAJI - The Congress in Goa has condemned the act...

Two Youth Stabbed after Veer Savarkar’s Flex Removed, Curfew Clamped in Karnataka City

SHIVAMOGGA - Karnataka police clamped prohibitory orders in Shivamogga city...

On I-Day, Jailed Activists Remembered, Atrocities on Muslims, Dalits Flagged 

Some on the social media remembered the activists and...