Indian government confident of wheat harvest to ease price hike

The Indian government is confident that the output of wheat this season will meet the target and ease the price hike, a senior official said Friday.

"Although official procurement of wheat through Food Corporation of India is yet to begin, the Indian government is confident of achieving the procurement target this year for buffer stocks," said Nanda Kumar, secretary of the Department of Food and Public Distribution in the Ministry of Consumer Affairs, Food and Public Distribution.

Prices of several essential commodities including wheat have kept soaring in India in the past few months due to short supply, which added up to the inflation pressure.

The Indian government had allowed private companies to import grain at zero duty last year but the policy was valid till Wednesday.

The government will not extend the deadline for duty-free import of wheat due to the positive expectation of the output, Kumar said.

But he did not rule out the possibility of picking up this policy again if it became necessary in the future.

Source: Xinhua