Economic news

Exclusive-India has no immediate plan to lift wheat export ban, commerce minister says

2022.05.25 15:21

Exclusive-India has no immediate plan to lift wheat export ban, commerce minister says
FILE PHOTO: Piyush Goyal, India’s Minister of Railways and Minister of Commerce and Industry, attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis Balibouse

By Aditya Kalra

DAVOS, Switzerland (Reuters) – India has no immediate plans to lift a ban on wheat exports, but will continue with deals which are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.

The world’s second biggest producer of wheat banned private overseas sales of the grain on May 14 after a scorching heat wave curtailed output and domestic prices hit a record high. Global wheat prices surged after the decision.

“Currently there’s instability in the world, if we were to do that (lift the ban), it would only help black marketeers, hoarders and speculators. Neither will it help the really vulnerable and needy countries,” Goyal said when asked if New Delhi had any plans to allow private exports to resume.

“The smarter way to do it is through the government to government route, by which we can give affordable wheat grain to the most vulnerable poor,” he said in an interview on Wednesday at the World Economic Forum in Davos.

Many wheat importing countries, including members of the G7 nations, have asked India to reconsider its decision to ban overseas sales of wheat. U.S. Agriculture Secretary Tom Vilsack this month said he has “deep concern” about the ban.

Goyal also said he had been in contact with the World Trade Organization (WTO) and the International Monetary Fund (IMF) to explain the rationale behind India’s wheat export ban.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,329.35 0.18%
ethereum
Ethereum (ETH) $ 3,414.16 0.39%
tether
Tether (USDT) $ 1.00 0.07%
solana
Solana (SOL) $ 254.75 0.72%
bnb
BNB (BNB) $ 662.64 2.85%
xrp
XRP (XRP) $ 1.49 1.95%
dogecoin
Dogecoin (DOGE) $ 0.431141 1.56%
usd-coin
USDC (USDC) $ 1.00 0.04%
cardano
Cardano (ADA) $ 1.05 2.28%
staked-ether
Lido Staked Ether (STETH) $ 3,413.18 0.39%
avalanche-2
Avalanche (AVAX) $ 44.97 6.39%
tron
TRON (TRX) $ 0.209856 3.37%
stellar
Stellar (XLM) $ 0.524778 9.57%
the-open-network
Toncoin (TON) $ 6.14 4.78%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 3.78%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,041.01 0.58%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,091.28 0.07%
polkadot
Polkadot (DOT) $ 9.19 1.12%
chainlink
Chainlink (LINK) $ 18.33 2.99%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.43 0.01%
weth
WETH (WETH) $ 3,411.35 0.52%
sui
Sui (SUI) $ 3.44 0.64%
pepe
Pepe (PEPE) $ 0.00002 2.34%
near
NEAR Protocol (NEAR) $ 6.90 3.84%
leo-token
LEO Token (LEO) $ 8.67 0.13%
litecoin
Litecoin (LTC) $ 97.60 4.06%
uniswap
Uniswap (UNI) $ 11.48 2.40%
aptos
Aptos (APT) $ 12.52 3.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,590.85 0.54%
internet-computer
Internet Computer (ICP) $ 12.15 3.95%
hedera-hashgraph
Hedera (HBAR) $ 0.144185 4.96%
usds
USDS (USDS) $ 0.999773 0.04%
crypto-com-chain
Cronos (CRO) $ 0.189291 4.50%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.567613 2.22%
ethereum-classic
Ethereum Classic (ETC) $ 29.31 3.02%
render-token
Render (RENDER) $ 8.02 0.79%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.50 1.50%
bittensor
Bittensor (TAO) $ 527.72 2.46%
kaspa
Kaspa (KAS) $ 0.153936 0.60%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
arbitrum
Arbitrum (ARB) $ 0.867142 2.20%
whitebit
WhiteBIT Coin (WBT) $ 24.44 1.24%
bonk
Bonk (BONK) $ 0.000047 1.11%
dai
Dai (DAI) $ 1.00 0.07%
vechain
VeChain (VET) $ 0.042824 2.70%
filecoin
Filecoin (FIL) $ 5.66 4.19%
blockstack
Stacks (STX) $ 2.26 5.65%
cosmos
Cosmos Hub (ATOM) $ 8.66 4.76%
okb
OKB (OKB) $ 56.20 1.72%
mantra-dao
MANTRA (OM) $ 3.69 3.52%