Last Updated : 30 November 2012 at 11:20 IST
India approves continued unrestricted Wheat, Rice export
From the earlier allowed government exports of 2 mt from the Central pool stocks, over 7.5 lakh tons has already been shipped out of the country. State-run firms PEC, MMTC and STC have issued tenders for export of 1.5 mt so far.
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NEW DELHI(Commodity Online): The continuation of the unrestricted export of wheat and non-basmati rice has been approved by India's Cabinet Committee on Economic Affairs(CCEA).
This is in view of the adequate availability of wheat and non-basmati rice in the domestic market, an official statement said.
From the Government’s stocks, additional wheat exports of up to 2.5 million tons (mt) would be allowed, according to sources. The Department of Commerce has moved the proposal.
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As of November 1, the government wheat stocks has been pegged at 40.57 mt which is about thrice the buffer and strategic reserve at this point in time.
The approval would help to fetch better realisations 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.
From the earlier allowed government exports of 2 mt from the Central pool stocks, over 7.5 lakh tons has already been shipped out of the country. State-run firms PEC, MMTC and STC have issued tenders for export of 1.5 mt so far.
