Reuters Summit-UPDATE 1-India may import rice, has enough wheat

(For other news from the Reuters India Investment Summit, click here)

* Indian government concerned about rice, not wheat

* Judicious use of wheat stocks to help manage supplies

* Current fuel prices match crude import costs

By Alistair Scrutton and Himangshu Watts

NEW DELHI, Nov 24 (Reuters) - India expects wheat supply and prices to remain manageable but the country may decide to import rice after the size of the harvest is known in two months, a top adviser of Prime Minister Manmohan Singh said on Tuesday.

C. Rangarajan, chairman of the Prime Minister's Economic Advisory Council, also said the country's wheat stocks of 28 million tonnes were adequate.

"It is a very large quantity. And I think by judicious distribution of the stock, we should be able to control prices and we should make adequate quantity of wheat available," he said in interview as part of the Reuters India Investment Summit.

For an analysis on prospects of India's wheat imports, see [ID:nSP468955]