India To export grains to Nepal and Bangladesh at economical rates (29-Jul-2010)
India’s Agriculture Minister Sharad Pawar has said that India will export around 300,000 tons of wheat and rice to Nepal and Bangladesh through its diplomatic channels. A panel of ministers had approved the exports of 100,000 tones of grains to Nepal and 200,000 tones to Bangladesh.
The minister further stated that the reason behind the untimely exports is India’s surplus stock of wheat and rice, the export of which was curtailed in the recent years in order to ensure sufficient supplies locally. The prospects of strong harvests this year is very high on the back of a better monsoon compared to last year, which has increased the growth expectations and persuaded the government to consider exports.
This decision comes as a damage control exercise after tones of food grains were reportedly ruined in the recent downpour due to the official negligence and poor storage capacity. In a bid to decrease the wastage the government is reported to be selling the grains at lower than the normal export price of Rs 1,543 per quintal. The government expects that it will recover around Rs 11 per kg and remain in a secured region.
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