Wheat procurement will be 20 percent less than estimated

[ad_1]

India, the world’s second largest wheat producer, is facing lower wheat procurement than government estimates for the second year in a row. According to government officials and traders, the trend of wheat procurement done by the government shows that in the current season, there will be less than 20 percent procurement against the initial target. He added that low procurement by the government may not give it enough leeway to intervene in the market at high commodity prices. Last year, when the price of wheat reached a record high, the government kept prices under control by releasing quantities of wheat in the open market. According to a senior government official, wheat procurement is likely to end around 27 million tonnes in the current season. Which is much higher than last year. However, it will be 20 per cent less than the estimate fixed by the government. In calendar 2022, the government’s wheat procurement is set to drop by more than 50 percent.