Food prices won't see sharp rise during festival season: Secretary
While the country has 85 lakh tonnes of sugar, enough for three and a half months, it has imported sufficient edible oil taking advantage of the rock bottom global prices.
The September rains have allayed any concern about productivity of sugarcane in the upcoming sugar year which starts from October, Chopra added. Recently sugar prices rose due to rumours of crop failure and shortage.
Data compiled by Solvent Extractors’ Association of India (SEA) showed that India imported 18.52 lakh tonnes (lt) of edible oil in August, against 13.75 lt a year ago, registering a growth of 34.69 per cent.
India imported 17.55 lt of edible oil in July 2023.
Wheat
However, as the prices of wheat saw an increase of 4% on NCDEX in the last one month, the government has reduced the stock limit on wheat for wholesalers and big chain retailers bringing it down to 2000 tonnes from 3000 tonnes.
They will be expected to align with the new norms by October 12. The increase in spot prices could eventually reflect in the retail prices, Chopra added.
The move is aimed at taming to increase in prices of the cereal.
In June, the government, had for the first time in 15 years, had imposed a stock limit on wheat till March 31. However, there has been no change in the norms for processors.
«The country has adequate amount of wheat stocks.
