The Finance Ministry has pitched for lifting curbs on wheat exports so that India could take advantage of the crop’s scarcity in the global market due to production loss in countries like Russia and Pakistan. India could make use of the global scarcity to earn through competitive prices for its wheat in the international market, the Department of Economic Affairs (DEA) has said.
“If India could look at easing wheat export curbs currently in place, subject to the 2010-11 wheat production prospects, it may be in a position to benefit from global wheat situation with competitive prices,” said the Monthly Economic Review.
India is the world’s second largest wheat producer and it contributes to around 12 per cent of the global production.
The country had a wheat stock of 29.8 million tonne as on September 1, much higher than the required norm.