Reserve Bank of India Governor Shaktikanta Das on Friday said that while heatwave predictions for the upcoming months are unlikely to affect wheat prices, the impact on vegetable prices requires close monitoring.
Das’s remarks came in response to Indian Meteorological Department’s (IMD) prediction of above- normal temperatures and heatwave conditions across several parts of the country between April and June.
Addressing a press conference after the RBI’s monetary policy committee kept the repo rate unchanged at 6.5% for the seventh consecutive time, Das said that wheat prices are unlikely to witness volatility as the harvesting of the crop is almost over.
“As far as wheat crop is concerned, our information is by and large the harvesting is over. In central parts of India, it is fully over, except a few parts, in other parts also, the harvest is by and large over. Wheat availability won’t be affected as much as it was two years ago when there was heatwave conditions,” Das said.
However, he cautioned that the prices of vegetable might fluctuate. “Vegetable prices have to be watched and any other impact that the heatwave may produce,” Das said.
(With ANI input)
