India is negotiating discounted imports of wheat with Russia amid sharp rise of global prices, which is a rare step aimed at increasing the supplies and curbing food inflation before next year’s elections in India.


"The imports would allow New Delhi to intervene more effectively in the market to drive down wheat prices that stoked inflation to a 15-month high in July," the agency reports.

"The government is exploring the possibility of imports through private trade and government-to-government deals. The decision will be made cautiously," revealed one of the sources of Reuters, responding to a question about import of wheat from Russia.

India has not made diplomatic agreements for import of wheat for many years. The last time that India imported a significant amount of wheat was in 2017 when private traders unloaded 5.3 million metric tonnes of the grain.

The Indian government’s plan to import Russian wheat is one of the measures that are being considered for reducing the prices of key goods, such as fuel and grains, as stated by anonymous sources.

Reportedly, the final decision may be made in a few weeks. The representatives of the Ministry of Finances and Trade and members of the government of India have not replied to emails and messages requesting to comment on the situation.

"Although India needs only 3 million to 4 million metric tons of wheat to plug the shortfall, New Delhi might consider importing 8 million to 9 million tons of wheat from Russia to have a far bigger impact on prices," another source explained.

Since the beginning of the war in Ukraine last year, Russia became the second largest supplier of goods to India, mainly thanks to discounts on the oil purchased by New-Delhi.

"Russia has indicated its willingness to offer a discount on prevailing market prices. There are no restrictions on the export of food commodities from Russia," one of the anonymous officials stated.

The same official added that India is also importing sunflower oil from Russia, is conducting transactions in dollars and plans to continue using this approach.

"India can easily secure a discount of $25 to $40 per ton from Russia. This will ensure that the landed cost of wheat remains significantly below local prices," a Mumbai-based dealer representing an international trading house stated.

Wholesale prices of wheat have increased by approximately 10% in two months and reached their seven-months maximum in August amid limited supply.

As of 1 August, 28.3 million tonnes of wheat were stored at the state storages, which is 20% below the average 10-year index.

Yankee101:
India is just getting cheap stuff
Talk of taking advantage

AngelicBeing:
Putin 1, India 1 and allied forces Zero

AngelicBeing:
Hmmmmmm, I am just been sarcastic, l know

BigDawsNet:
Let dem come Nigeria na...

Bet wot can we export right now self as a country...

wittywriter:

The prominent Asian countries are characterized to do so.


There is no such things...everyone gets to loose in every warfare.



Wittyness

VeeVeeMyLuv:

Your government will Neva think like this, they never think of something that will help to ameliorate the plight and improve the welfare of the people.

BigDawsNet:


Omo... when buhari closed the southwest border.. I thought we were ready to start exporting... but nothing happened...
As a country... we need to export to help our economy

BigDawsNet:
Let dem come Nigeria na...

Bet wot can we export right now self as a country...

engrchykae:
even our crude oil is taking freely by Britain via pipeline put into place in 1955,then they conducted sham election that will produce good boys who will help them secure their pipeline at brass

BigDawsNet:


Nigeria is actually like a project scam... the only people that can take it back is the people

engrchykae:
the word "project"
Do you know that in lord lugard diary,he said the "the Igbo is industrious but hates constituted authority and is a threat to her majesty's"project Nigeria "
Project Nigeria is an interest of Britain.
It's not for Nigerians as a people.

BigDawsNet:


So indirectly we are under the foreign rules...

One day... the citizens will wake up sha... maynot be our own generation I guess... but it won't continue to be like dis

engrchykae:
yes we are.
But this our generation will break lose