India is negotiating with Russia to import wheat at a discount to rising global prices. The imports will allow New Delhi to intervene more effectively in the market to reduce wheat prices, which have fueled inflation to a 15-month high.
It is reported by Reuters.
"The government is exploring the possibility of imports through private trade and government-to-government deals. The decision will be made cautiously," one of the sources said, when asked about wheat imports from Russia.
India has not imported wheat through intergovernmental agreements for many years. The last time India imported a significant amount of wheat was in 2017 when private traders bought 5.3 million tons.
The government's plan to import Russian wheat is one of the measures aimed at reducing prices of essential commodities such as fuel, cereals, and pulses, along with expanding rural schemes to cushion the impact of inflation on the poor.
Last month, Sanjeev Chopra, the most senior civil servant at the federal food ministry, said there was no proposal to import wheat from Russia.
Author – Anastasiya Glotova, 17/08/2023