even as India banned wheat and sugar export To ensure domestic availability of the items, the government has now started promoting outbound shipments of rice, reports Moneycontrol quoting sources. It added that a large domestic crop and relatively low international demand have ensured that rice exports will not face sanctions.
Last month the government banned sugar wheat export, primarily with the aim of increasing the availability of goods in the domestic market and curbing price rise. After the Russo-Ukraine War, supply chain disruptions saw a jump in global commodity prices.
DGFT, an investigative arm, said, “Government has decided to allow export of sugar up to 100 LMT (Lakh MT) during sugar season 2021-22 (October-September) with a view to maintain domestic availability and price stability. ” The commerce ministry had said in its notification last month.
Food Secretary Sudhanshu Pandey said that the retail prices of wheat and wheat flour in India have increased by 19 per cent in the last one year, and the government’s decision to ban export of wheat will lead to a reduction in domestic prices in a week or two. expected to decrease. After the wheat export ban last month.
After this there were speculations that the export of rice may also be banned. However, a Moneycontrol report quoted officials as saying that the export ban is not expected anytime soon.
“The last crop has been a bumper crop. Also, assurances have been given to the Center by the major rice producing states that the weather and agricultural conditions on the ground are suitable for a similar crop in the coming season,” the report quoted an official as saying.
The government is also identifying countries with large populations that consume rice along with wheat. “Talks are on to see if rice can be exported to these countries on priority basis. This has been the case for at least three African countries. Rice will be exported at market rates similar to wheat,” the report said.
Rice exports grew to $9.6 billion in FY12, from $8.82 billion in FY2011 and $6.4 billion in FY2010. As of the latest year, exports of the more globally known variety of Basmati rice have seen a decline of $3.5 billion. Meanwhile, non-basmati varieties represented 63 percent of total rice exports by value, expanding to $6.1 billion.
Meanwhile, the government recently also announced relaxation in its orders restricting the export of wheat. According to an official statement, it has been decided that wherever a consignment of wheat has been handed over to the Customs Department for examination and registered in their system on or before May 13, such consignments shall be allowed for export. will be allowed.
The relaxation by the commerce ministry, which pertains to the DGFT order dated May 13, which prohibited export of wheat, is applicable on consignments handed over to customs on or before May 13. Even though wheat exports are banned, the Indian government has said exports can still take place if New Delhi has approved requests by other governments “to meet their food securities needs”. Egypt was negotiating with India on a waiver.
The Directorate General of Foreign Trade (DGFT), a commerce ministry arm that deals with matters relating to exports and imports, also asked officials to issue registration of contracts (RCs) to wheat exporters who have irrevocable letters of credit (LOCs). ) Huh.
read all breaking news , today’s fresh news And IPL 2022 Live Updates Here.