NEW DELHI, May 29 (SPUTNIK) - India may exempt wheat from import taxes and resume imports from countries including Russia after a six-year hiatus, thus replenishing grain stocks and stabilizing rising prices, India's Economic Times reported, citing sources.

“New Delhi is expected to exempt 40% of wheat import duty in 2024, opening up opportunities for private traders and flour mills to import wheat from producing countries like Russia,” the report said. The newspaper noted that the decision to remove the import duty could be made after the June 4 Indian parliamentary elections.

India's previous wheat import was in the 2017-2018 fiscal year (which ended in March 2018).

Prior to that, the Indian government was forced to sell more than 10 million tons of wheat to flour mills in order to keep prices down. Since then, wheat stocks in government warehouses fell to 7.5 million tons in April, the lowest level in 16 years.

Experts predict that India's wheat harvest in 2024 will be 6.25% lower than the government's forecast of 112 million tons. Meanwhile, domestic prices remain above the government's minimum purchase price of 2,275 rupees ($27.3) per 100 kilograms and have been rising since the beginning of the year.