Tuesday, March 5, 2024

India set for wheat imports from Russia

The Indian government is considering allowing the delivery of over a million metric tons of wheat from Russia and could cut import duties by almost half, the New Indian Express reported on Tuesday.

The reduction of the import tariff, which currently stands at 40%, will be contingent on the final sowing acreage of wheat by the end of December, according to an unnamed source cited by the newspaper.

“[The] Russian wheat outlook is better and cheaper compared to other countries. India may allow importing around 1 million tons of wheat from Russia to encourage domestic supply,” the official said. 

Wheat prices on the Indian domestic market remain 25% higher than the stipulated value. Production has been impacted by unfavorable weather in the past two years, denting the country’s buffer stock. The weather could also negatively impact this year’s output.

Earlier this year, media reports emerged that New Delhi was in talks with Moscow on the potential supply of up to 9 million tons of Russian wheat at a discounted price.

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