Wheat Harvest in India Rises by 6.4 Million Ton
Finally after four years, India managed to generate surplus production of wheat so as to restart the export of wheat to various countries. This year, the output has risen to 6.4 million with a growth of 86 million metric tons which was recorded 80.8 million tons in the previous year.
As per P. K. Basu, the Agriculture Secretary, this year the production had surpassed their expectations by 2% as they calculated a production of 84.3 million tons. As a result of such a harvest, India would export wheat this year, which will help reducing the 65% increase in the price in Chicago that had influenced the prices in other parts of the world as well.
As per Erin Fitz Patrick, a commodities analyst at Rabobank International in London, "with the export of wheat from India, the prices were likely to get controlled this year. The harvest has resulted in declining of the prices of wheat and rice in the Asian markets".
As per Sharad Pawar, Minister of Agriculture, there should an open policy for exports of sugar, wheat rice and cotton in India. Earlier India banned the exports in order to meet the shortage in the country itself, but now it could grant the export of surplus agricultural commodities.