Adani Wilmar, GRM Overseas, and Tirupati Agritrade, prominent consumer staple companies, have projected stable prices for kitchen essentials such as non-basmati rice, wheat, and pulses in the upcoming two months. Notably, the prices of non-basmati rice have experienced an 8% decline following the recent government decision to impose an export ban last Thursday. This measure was taken as part of an effort to control inflation.
Read More: India prohibits non-basmati white rice exports amidst supply concerns
Angshu Mallick, MD of Adani Wilmar, said “Prices of non-basmati rice may fall by another 3% in coming weeks. Tur dal (pigeon pea) prices, which have gone up by 2-3%, will not see a further upswing as the government has decided to import it to keep prices under check. For the next two months, we do not see much rise in prices of these kitchen essentials.”
Due to a significant increase in tur dal prices resulting from reduced production, the country is anticipating an import of 12 lakh tonnes of the pulse in FY24. This represents a notable 35% surge compared to the previous year’s imports. The objective behind this move is to enhance availability and curb the upward trend in prices.
Read More: Tur dal scarcity escalates market crisis, consumers face relentless price surge
“The ban on non-basmati rice in the international market has triggered panic, leading to a surge in demand for basmati rice worldwide out of fear that it might face a ban as well. Consequently, in the domestic market, consumers are now turning their attention to non-basmati rice due to its reduced price. As a result, there is expected to be an abundance of wheat with stable prices,” said Atul Garg, MD of GMR Overseas.
Currently, atta is being sold at the wholesale level for a price range of INR 25-26.
The Managing Director of Adani Wilmar stated that there would be a transition in consumer preference from wheat to rice in the states of Bihar, Jharkhand, West Bengal, and Odisha.
Ajay Jhunjhunwala, the President of the Solvent Extractors Association, which serves as the apex body of the edible oil industry, has called upon all members to align with the declining international market situation by lowering the Maximum Retail Price (MRP) and the Price to Distributor of edible oils.
Read More: Edible oil trade body SEA calls for reduced MRP to match global market slump
