India's Bumper Wheat Harvest Quashes Import Predictions

India's significant wheat harvest is expected to fulfill domestic consumption, dispelling earlier speculations that the nation would need to import the staple grain. This development is a relief for the global market, putting downward pressure on international wheat prices.

The Food Corporation of India has acquired 29.7 million metric tons of the new-season wheat from local farmers, marking the highest procurement figure in four years. This boost is attributed to early state inventory purchases indicating a 4-million-ton increase in crop yield from last year, as assessed by government and industry officials.

With about 44 million tons of wheat in the stockpile, India's supply comfortably exceeds the annual requirement for its welfare program, which feeds nearly 800 million citizens. This strong internal production outlook negates the necessity for wheat imports and maintains market stability despite the adverse weather conditions and export bans experienced in recent years.

(With inputs from agencies.)