India should not miss out on taking advantage of wheat exports

India should not miss out on taking advantage of wheat exports

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New Delhi: In the midst of the Russia-Ukraine War, India has a better chance of exporting wheat in the international market. Due to the war, the prices of most food items, not only wheat, have reached their highest level in the international market. This has created a new export opportunity for India. India can also benefit in wheat exports because the price of Indian wheat is lower than the current global prices. But Western countries can eclipse this advantage to India under the guise of World Trade Organization (WTO). If this happens, then India may miss to take advantage of this opportunity and wheat exporters and growers may be disappointed.

under the cover of WTO
Western countries have long held that the Minimum Support Price (MSP) paid on crops in India is against the principles of the WTO, especially in the case of exports. Western countries have also been questioning the agricultural subsidies given to Indian farmers. Russia and Ukraine are major producers and exporters of wheat. The share of these two countries in the total global export of wheat is up to 30 percent. It is time to sow a new wheat crop in Ukraine, but due to the war, it is unlikely that enough area will be sown. At the same time, Ukraine has stopped wheat exports so that it can provide enough grain to its people suffering from war.

Also read- Russia-Ukraine War: Inflation raging in the fire of war, threat of recession worldwide?

record production estimates
The Agriculture Ministry has estimated the wheat production of 111.3 million tonnes in the current Rabi season (2021-22). This will be the record till now. In the last crop year, 10.92 tonnes of wheat was produced. India ranks second in terms of wheat production. It produces 13.5 percent of the world’s total wheat production. But a large part of it goes into domestic consumption. India’s share in the total export of wheat is currently less than one percent.

However, it has been increasing for the last three years. From here 1.8 lakh tonnes of wheat was exported in 2018-19, 2.2 lakh tonnes in 2019-20 and 20.9 lakh tonnes in 2020-21. In the current financial year 2021-22 from April to December, 50.04 lakh tonnes of wheat has been exported and it is expected that by the end of the financial year it will cross the record of 65 lakh tonnes of 2012-13.

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Increased prices in global and domestic market
Given the record production and global situation this year, India has a good chance to increase exports. In view of the post-war demand for wheat, prices have increased significantly in both global and domestic markets. In the domestic market, the prices have increased by Rs 400 to 500 per quintal. The average domestic price of wheat has reached above Rs 2,000 per quintal at present. The MSP of wheat for the upcoming Rabi marketing season (2022-23) has been fixed at Rs 2,050 per quintal.

Tags: export, Wheat

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