Amid surging prices of food items due to the ongoing Russia-Ukraine conflict, Union Commerce and Industry Minister Piyush Goyal on Wednesday said India will continue to allow wheat export to countries that are in serious need, are friendly and have the letter of credit.
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Speaking at the World Economic Forum, Goyal highlighted that while a 7-8 per cent rise in wheat production was expected this year, severe heat waves led to early harvest and loss of production.
“Given this situation, what we are producing is about enough for domestic consumption,” the minister said.
He pointed out that India was never a traditional player in the international wheat market and the export of wheat only began about 2 years ago.
Last year 7 LMT wheat was exported and the majority was done within the last two months when the war between Russia-Ukraine developed, he said.
“India wheat exports are less than 1 per cent of world trade and our export regulation should not affect global markets. We continue to allow exports to vulnerable countries and neighbours,” Goyal added.