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Wheat export ban to help control prices, steer trade in right direction: Commerce Secretary MPNRC News

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Wheat export ban to help control prices, steer trade in right direction: Commerce Secretary

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Commerce Secretary BVR Subrahmanyam on Saturday said there is no wheat supply crisis in the country, adding that the government’s decision to ban wheat exports will help control rising domestic prices and help India’s neighbors and vulnerable countries suffer food shortages. will help in meeting the requirement. The government has banned the export of wheat with immediate effect. However, export shipments for which irrevocable letters of credit (LOCs) have been issued on or before the date of this notification shall be permitted.

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Subrahmanyam said the decision was taken at the right time. Addressing a joint press briefing with counterparts in the departments, he said, “There is no dramatic fall in production. I don’t think there is any crisis that needs to be imagined. There is enough food available in government stock and private stock. ” of food and agriculture.

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Explaining the reason behind the decision, the commerce secretary said the primary goal was to “control inflation”. “So, what is the purpose of this order. What it is doing is in the name of prohibition – we are directing the wheat trade in a certain direction. We do not want the wheat to go irregularly to the places where it is Could just hoard or where it cannot be used for the purpose we are expecting,” Subramaniam said.

The focus has also been on ensuring adequate food stock availability within the country. “At the end of the day, food is a very sensitive commodity for every country because it affects everyone – the poor, the middle and the rich,” he said, adding that wheat flour prices in some parts of the country have risen to almost Rs. developed. 40 percent. The government is also committed to ensuring the food security of neighbors and vulnerable countries.

“Therefore, we have kept the window open for (our) neighbours. We have also kept the window open for a large number of vulnerable countries, if their governments make such requests,” he said. The Secretary highlighted that the country has exported 7 million tonnes of wheat during the last financial year, of which about 50 per cent has been shipped to Bangladesh. Talking about the current financial year 2022-23, he said that according to estimates, 43 lakh tonnes of wheat has been contracted for export so far.

Of this, 1.2 million tonnes have already been exported in April and May, and another 1.1 million tonnes are expected to be shipped, he said, adding that “if you have a valid order — irrevocable letter of credit — that contract.” Therefore, India’s credibility as a reliable supplier remains.” At the same time, he said that if the price situation improves, then the government can review this decision.

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