Mumbai: India’s wheat plantings has remained steady despite the hike in the prices of the commodity in the domestic market, showed the data released by the farm ministry, reports Reuters.
A heat wave affected the wheat crop last year resulting in lower crop yield and India had to ban wheat export to meet domestic demand. The global wheat supply was affected due to Russia’s invasion of Ukraine.
Industry sources and government officials were expecting an increase in wheat cultivation as the prices of the commodity increased in the domestic market.
As per the data released by the Ministry of Agriculture & Farmers’ Welfare, the area under wheat rose from 34.18 million hectares to 34.32 million hectares (84.8 million acres) for the 2022/23 crop year, up by 0.4%.
The domestic price of wheat was at an all-time high of Rs 32,500 per tonne in January, more than the government-fixed buying price of Rs 21,250.
