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India ready to buy Russian wheat for reexport — source

It s noted that in 2017-2018 financial year, India’s wheat procurements stood at $364.5 mln in total

NEW DELHI, October 25. /TASS/. India is not currently buying wheat from Ukraine and other countries but is considering an option of purchasing wheat in Russia for processing and finished goods reexport, a source close to the Indian Ministry of Agriculture told TASS on Tuesday.

"India purchased wheat from Ukraine, from Russia and from Australia but it is not buying at present. The point is not in the military operation. Starting from 2018, the government program on national export growth is being implemented in India. Import of agricultural products is drastically limited - for support and development of national agricultural producers," the source said, speaking on conditions of anonymity.

"India is at the same time ready to considering opening of ventures in the country, including joint ventures, for processing of Russian wheat into flour or other products, pasta, for example, for further reexport to neighboring countries, and to buy finished goods made in Russia by order of Indian retailers," he noted.

In 2017-2018 financial year, India’s wheat procurements stood at $364.5 mln in total, including $148.93 mln for grain from Ukraine, $125.63 mln - from Australia, and $86.87 mln from Russia, the source noted. "However, since 2018 we completely abandoned import from wheat and yellow peas, which were also an important item of import from your country," he said.

"Nevertheless, processing of Russian wheat in India will make it possible to boost export of Indian flour and other finished goods made from Russian wheat to neighboring countries. This will be the Indian product and our export in this case. We are seriously considering this opportunity now," the source added.