India to release more wheat stocks to reduce prices ahead of festive season

The government is set to release more wheat stocks into the open market to keep prices in check during the upcoming festive season, said Food Secretary Sanjeev Chopra.

The government is set to release more wheat stocks into the open market.

The development comes in the wake of an approximately 11 per cent surge in wholesale wheat prices over the past four months, reaching a seven-month high in August. This prompted concerns about affordability and availability.

To tackle rising wheat prices, the food secretary announced that the government plans to release additional wheat stocks into the open market to address rising prices during the festive season.

In August, the government announced that it would provide 5 million metric tons of wheat and 2.5 million tons of rice to bulk consumers, with a specific focus on flour millers.

Chopra also emphasised that India had substantial stocks of both wheat and rice, which could be released in the open market to help stabilise prices.

Meanwhile, the head of a prominent Indian industry association called upon authorities to remove the 40 per cent import tax on wheat last month as it would make it easier to procure grain from international sources.