Government might soon lift the ban on exports of wheat and common grades of rice. This policy will be discussed by Finance Minister Pranab Mukherjee, along with other panel members next week. India banned exports of wheat in early 2007 and prohibited overseas sales of common rice varieties in 2008.
As the stocks have been increasing considerably the Government is considering a change in this policy. Government recently approved sale of wheat to Nepal and limited quantity of rice to Bangladesh. As India is the world’s second largest wheat producer and the stocks have been piling, government announced last month that it would sell an additional 200,000 tons of wheat to Nepal.
As of February 1st, stocks of wheat at warehouses were at 20.6 million tons, up 22.6 per cent compared to last year and rice stocks rose by 26.7 percent to 25.6 million tons.
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