Davos: India has no immediate plans to lift restrictions on wheat exports, but will continue to negotiate direct deals with other governments, Commerce Minister Piyush Goyal told Reuters.
The world’s second-largest wheat producer on May 14 banned private overseas sales of the grain after a scorching heat wave slashed production and domestic prices hit record highs. Global wheat prices rose after the verdict.
“There is instability in the world at present, if we do this (removal of restrictions), it will only help black marketers, hoarders and speculators. Nor will it really help the weak and needy countries,” Goyal said whether New Delhi had any plans to allow private exports to resume.
“The best way to do this is through the government-to-government route, by which we can give cheap wheat grains to the most vulnerable poor,” he said in an interview on Wednesday. World Economic Forum in Davos.
Several wheat importing countries, including members of the G7 countries, have asked India to reconsider its decision to ban foreign sales of wheat. US Agriculture Secretary Tom Vilsack said this month that he was “deeply concerned” about the ban.
Goyal also said that he was in touch with world trade organization (WTO) and International Monetary Fund (IMF) to explain the logic behind India wheat export ban,
The world’s second-largest wheat producer on May 14 banned private overseas sales of the grain after a scorching heat wave slashed production and domestic prices hit record highs. Global wheat prices rose after the verdict.
“There is instability in the world at present, if we do this (removal of restrictions), it will only help black marketers, hoarders and speculators. Nor will it really help the weak and needy countries,” Goyal said whether New Delhi had any plans to allow private exports to resume.
“The best way to do this is through the government-to-government route, by which we can give cheap wheat grains to the most vulnerable poor,” he said in an interview on Wednesday. World Economic Forum in Davos.
Several wheat importing countries, including members of the G7 countries, have asked India to reconsider its decision to ban foreign sales of wheat. US Agriculture Secretary Tom Vilsack said this month that he was “deeply concerned” about the ban.
Goyal also said that he was in touch with world trade organization (WTO) and International Monetary Fund (IMF) to explain the logic behind India wheat export ban,