India is considering reducing or eliminating import taxes on wheat, stated Food Secretary Sanjeev Chopra on Friday. This move comes as the world’s second-largest producer struggles to manage prices.

In June, India implemented restrictions on the amount of wheat stocks that traders can hold for the first time in 15 years in an effort to lower prices.

Chopra, the top civil servant in the ministry, mentioned, “We are looking at options such as lowering or removing the wheat import duty and adjusting the stock holding limits to regulate prices. These options are currently being reviewed.” He clarified that there are no plans to import wheat from Russia or enter into a government-to-government agreement.

Wheat prices in New Delhi have soared by 12% over the past four months to 25,174 rupees ($303.85) per metric ton, the highest in almost six months, due to traders reporting production disruptions caused by unpredictable weather. The government reported that wheat production reached a record 112.74 million metric tons in 2023, up from 107.7 million metric tons the previous year. India’s annual wheat consumption is approximately 108 million metric tons.

However, a prominent trade organization informed Reuters in June that India’s wheat harvest in 2023 was at least 10% lower than the government’s estimate.