MOSCOW (Pakistan Point News / Sputnik - 03rd August, 2023) India is considering importing 9 million tonnes of wheat from Russia under an intergovernmental deal to increase domestic stocks amid rising prices, Indian newspaper Economic Times reported on Thursday, citing a source.
"The possibility (of imports) is being discussed at the highest levels," the source, familiar with the discussion, told the newspaper, adding that the discussion was at an early stage.
The wholesale price of wheat grew 6.2% to 2,633 rupees ($31.9) per 1 centner (220 Pounds) in 2023 from 2,480 rupees in 2022, driven by low production, dwindling stock and growing demand, the newspaper said.
The Indian government expects domestic wheat production to reach record 112.7 million tonnes in 2023. Traders and millers, however, forecast harvest at 101-103 million tonnes due to nonseasonal rains and hailstorms, which occurred from February-March in northern, central and western regions of the country and damaged the crops.
