Sanjeev Chopra, the food secretary, revealed on Thursday that the government had decided to further lower the stock limit on wheat merchants, wholesalers, and large chain retailers to 2,000 tonnes from 3,000 tonnes with immediate effect.
Chopra stated that because of a recent uptick in prices, they have had a review of the stock limits and effective today the stock limit on traders, wholesalers and big chain retailers stand reduced to 2000 tonne.
The government had earlier in June limited these wheat players’ storage amounts to 3,000 tonnes until March 2024.
The government decided to lower the stock limit to 2,000 tonnes after discovering “an uptick in the wheat prices on the NCDEX by 4 per cent to Rs 2,550 per quintal in the past one month.”
Despite the country’s abundant supply of wheat, Chopra told reporters that he believes some elements are trying to create some artificial scarcity.