India is considering the possibility of purchasing 9 million tons of wheat from Russia due to rising prices.

Indian authorities are actively considering the possibility of purchasing several million tons of wheat from Russia due to increased prices in the domestic market and forecasts of an unfavorable harvest this year.

"Since 2018, India has strict restrictions on grain imports as part of a national program to protect domestic producers. At the moment, we almost do not purchase grain from abroad, including wheat, as well as some legumes. However, due to the rise in prices in the domestic market and in connection with the forecasts of a poor wheat harvest this year, the government is seriously considering the possibility of buying grain from abroad. In this context, Russia is one of the countries being considered as possible wheat suppliers," commented an official.

He noted that the discussion on this issue began in June. It mainly concerns the purchase of hard varieties of wheat. Before the strict restrictions on wheat and legume imports in New Delhi, the main wheat suppliers to the republic were the USA, Canada, Russia, and Ukraine. "Russia has long been our partner in the wheat market, so it is not surprising that we are considering the possibility of buying grain from them," added the source.

In response to reports by several Indian media outlets, including The Economic Times, that the Indian government has already confirmed the possibility of importing 9 million tons of wheat from Russia as part of a government-to-government deal to ensure the country's grain reserves in light of rising prices, a source said: "As I already mentioned, we are discussing this issue. These figures were indeed mentioned, but official negotiations with the Russian side on this matter have not yet taken place."

"Negotiations are not underway yet, but there is a possibility that they will start soon," explained an official from the Ministry of Agriculture of India. He also added that similar negotiations could start not only with Moscow but also with other major players in the grain market.

Earlier, The Economic Times reported, citing sources, that the Indian government is considering purchasing 9 million tons of wheat from Russia in a government-to-government deal to ensure domestic food grain stocks in light of rising prices in the Indian market.

The increase in wheat prices is caused by the quota system, which allows producers and suppliers to store stocks for wholesale and retail sale for the first time since 2008. According to the Ministry of Consumer Affairs in India, these measures were taken to ensure food security, stabilize prices, combat inflation, and speculation.

According to Russian sources, Russia offers wheat to India at competitive prices.

India is one of the leading countries in the world in terms of milk, meat, cereals, and legume production. At the same time, it is the world's largest importer of vegetable oils and is one of the largest buyers of beans and lentils. In 2022, India spent a record $34.1 billion on agricultural imports. Russia ranked eighth among suppliers.