The central government has asked traders, major retailers, and food processors to declare wheat stocks every Friday from April 1 to prevent hoarding and price spikes, an official statement said on Friday.
Traders said the directive issued just when the peak wheat procurement season was set to start in major growing states from April 1 was also to shore up government purchases for the central pool. As on March 1, 2024, wheat stocks in the central pool had fallen to a seven-year low of 9.7 million tonnes (mt) due to procurement being below par.
Last year, stocks on March 1, 2023, stood at around 11.67 mt. Wheat stocks as on April 1 of each year should be around 7.5 mt, according to the buffer and strategic reserve norms.
This story is from the March 30, 2024 edition of Business Standard.
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This story is from the March 30, 2024 edition of Business Standard.
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