The Cabinet Committee on Economic Affairs has approved the continuation of the unrestricted export of wheat and non-basmati rice.
This is in view of the adequate availability of wheat and non-basmati rice in the domestic market, an official statement said.
The proposal was moved by the Department of Commerce. Sources said additional wheat exports of up to 2.5 million tonnes (MT) would be allowed from the Government’s stocks.
The Government is sitting on a huge pile of wheat stocks pegged at 40.57 MT as of November 1 about thrice the buffer and strategic reserve at this point in time. The Government’s latest move would help fetch better realizations as global wheat prices have firmed up as drought in countries such as Russia, Ukraine, the United States and Australia has slashed output hurting supplies.
The Government had earlier allowed exports of 2 MT from the Central pool stocks, of which over 7.5 lakh tonnes has already been shipped out of the country.
Courtesy: The Hindu Business
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