Russo-Ukraine war may prove beneficial for Punjab's wheat traders, know how?

Russo-Ukraine war may prove beneficial for Punjab’s wheat traders, know how?


Russia-Ukraine War: The ongoing war between Russia and Ukraine has brought disaster for most of the people, but this war has also proved to be good for some areas. The biggest crisis is on the common people, because due to the cost of crude oil, the prices of petrol and diesel are almost ready to increase rapidly. But the wheat of Punjab can prove beneficial for the traders.

There is some hope for the wheat traders of Punjab that this time they can benefit. In fact, Russia and Ukraine supply 40 percent of the wheat in the world. In such a situation, the businessmen of Punjab feel that if the war is prolonged, then the demand for India’s wheat will increase in the international market, due to which farmers and traders will get the right price.

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Russia was the largest wheat exporter in 2019
According to the 2019 data, Russia was the largest wheat exporting country in the world. At the same time, war-torn Ukraine was at number five in this matter. According to a report by Tech for FTCP, these two countries export 40 percent of the wheat in the world. Traders say that if the war drags on, then wheat exports from both the countries may be adversely affected. In this situation, India can become a big exporter of wheat.

India’s wheat demand may increase after the war
If we talk about India, Punjab produces good quality wheat, but its export is limited only to Sri Lanka and Bangladesh. Even in India, big companies keep an eye on the wheat of Russia and Ukraine, but traders say that after this war the demand for India’s wheat may increase. Asia’s largest grain market is located in Khanna City of Punjab, but it has been deserted for some time. Very few buyers are reaching here. But nowadays the farmers and traders here are gazing at the Russo-Ukraine war.

Wheat stock will be 200 lakh tonnes
Harbans Singh Rosha, president of the Wheat Traders Association in Khanna City, told Tech for that we are in a lot of trouble because of the war. Most of the wheat that goes to Kandla Port is from Saharanpur and Madhya Pradesh. Despite having good quality wheat in Punjab, it does not have a buyer.

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He said that the MSP is very low. We still have 40 lakh tonnes of wheat stock lying with us. After the harvest, it will be two million tonnes, but the Russo-Ukraine war has given us some hope. Sources said that big buyers Adani and ITC have started talking to traders.

Expectations from the new government of Punjab
Balbir Singh Rajewal, president of the farmers’ political organization United Samaj Morcha (SSM), said that yes, it is true that this war can prove beneficial for the traders but not for the farmers. Good rate of MSP is important for farmers. We hope that the new government of Punjab will understand this.

Traders eagerly waiting for election results
The businessmen of Khanna are eagerly waiting for the results of the Punjab Assembly elections to be announced on March 10. Exit polls have indicated that the Aam Aadmi Party (AAP) may oust the ruling Congress. In such a situation, the traders have made a plan to meet the new Chief Minister with their demand. Rosha said that wheat of Gujarat, UP and MP is cheaper because there is less tax. We are hopeful that the new Chief Minister will cut taxes so that private traders can sell at competitive rates.

Tags: Russia ukraine war, Wheat crop


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