indianarrative

India will continue to export wheat to needy countries, says Piyush Goyal at WEF meet in Davos

Piyush-Goyal-at-WEF-meet.webp

India will continue to export wheat to needy countries, says Piyush Goyal at WEF meet in Davos

India will continue to allow wheat export to countries which are in serious need, are friendly and have the letter of credit, Food and Commerce Minister Piyush Goyal said on Wednesday in his address at the World Economic Forum in Davos, Switzerland.

The minister said that India was expecting a 7%-8% rise in wheat production this year, but severe heat waves led to an early harvest and loss of production.

“Given this situation, what we are producing is just about enough for domestic consumption,” Goyal explained.

 “India’s wheat exports are less than 1% of world trade and our export regulation should not affect global markets. We continue to allow exports to vulnerable countries and neighbours,” the minister said.

India was never a traditional player in the international wheat market and export of wheat only began about two years ago.

Goyal said most of the wheat that India exported was in the last two months when the war between Russia and Ukraine broke out.

Also read: With an eye on inflation, govt bans exports of sugar, makes imports cheaper for crude soybean and sunflower oil