'Country Has Sufficient Stocks': India Hits Back at Bloomberg Report Claiming Delhi May Import Wheat

India, the world's second-biggest wheat producer, announced a ban on wheat exports in May amid concerns over rising inflation which has already crossed the threshold of six percent set by the central bank. Delhi was also concerned about disruptions in the global wheat supply due to sanctions on Russia over its military operation in Ukraine.

India has rejected reports that it was considering importing wheat amid surging grain prices in the country and a worsening heatwave which could impact its production targets for the year.

"There is no such plan to import wheat into India. Country has sufficient stocks to meet our domestic requirements and @FCI_India (Food Corporation of India) has enough stock for pubic distribution," the Department of Food and Public Distribution said on Twitter in reply to a report published by Bloomberg.

At a time when forecasters and grain traders are scaling down production estimates because of rising temperatures and uneven monsoon showers, India officially raised its wheat harvest numbers.

According to a statement released by the Agriculture Ministry on Wednesday, India produced 106.84 million tons of wheat this year, slightly better than the government's earlier estimates of 106.41 million tons.

Wheat is essential for India's population of 1.3 billion people as it is a staple food that is needed to make bread, chapatis, and naans across the country's 28 states and 8 union territories.

The prices of wheat jumped to record highs earlier this week, with the grain being sold at $304.15 per ton in local markets. Since the federal government's ban on the export of wheat in May, the grain prices have surged 15 percent.

Furthermore, the reserves of wheat in government warehouses have declined to their lowest in 14 years, as per the Food Corporation of India.