India is planning to resume wheat imports from Russia after a six-year hiatus to stabilize rising prices.

India is planning to resume wheat imports from abroad, primarily from Russia, after a six-year hiatus. This will help replenish stocks and stabilize rising prices caused by crop failures, according to The Economic Times. As per the publication, New Delhi will waive off a 40% import duty on wheat, paving the way for purchases from Russia, the world's leading wheat exporter. The decision will be made after the general parliamentary elections, the results of which will be announced on June 4. According to other sources, the Indian government is expected to respond by the end of June, before the start of the harvesting season in Russia.

The head of the Grain Exporters' Union, Eduard Zernin, told the magazine "Kommersant" that India has been talking about the possibility of opening its market for imports for the third year now, but it has not happened yet as the country aims to achieve self-sufficiency in key crops. Opening the market for imports is not favored by Indian farmers, thus the decision is likely to be temporary or may not be taken at all. However, if imports resume, Russia could become the main supplier of wheat to India.

Furthermore, the Indian market may start importing chickpeas and other leguminous crops from Russia if there is demand. A representative from the Ministry of Consumer Affairs of India reported at the All-Russian Grain Forum about conducting assessments of volumes and ongoing evaluations of yields. She also noted that once the rainy season begins, there will be new opportunities for shipments. Zernin emphasized that Russia is ready to start supplying chickpeas and other leguminous crops to India, stating that Russian exporters aim for success in the Indian market.

According to the "Agroexport" center under the Ministry of Agriculture of Russia, in the first quarter, India increased its agricultural imports from Russia by 76% compared to the previous year, amounting to over $572 million. Russia has risen to fourth place among the largest suppliers of agricultural products to India, increasing its share in the total Indian imports from 4.2% to 7.1%. The main exported products include sunflower oil, peas, soybean oil, and lentils. Approximately in the first quarter, sunflower oil shipments from Russia to India grew by 17% to around $353 million. Russia's percentage share in the total sunflower oil imports to India increased from 27% to 39%. The "Agroexport" center estimates the export potential of Russian agricultural production to the Indian market at over $2 billion by 2030.