November 22, 2024 | 18:59 GMT +7
November 22, 2024 | 18:59 GMT +7
Hotline: 0913.378.918
"Ground reports indicate that the crop is quite good and this year's production is expected at a record 114 million metric tons," Piyush Goyal told reporters.
India banned wheat exports in 2022 after output was curtailed due to a heat wave, but more recently overseas sales picked up as Russia's invasion of Ukraine sent global prices to multi-year highs.
The government has sold around 6 million metric tons of wheat to local bulk buyers since June. 1, when the state-run Food Corporation of India started selling the grain from its warehouses.
Despite selling wheat from its granaries, inventories at state warehouses are likely to remain above the target of 7.46 million metric tons fixed for April 1, when a new marketing year starts, a top government official said earlier this month.
The country's wheat stocks at state warehouses stood at 16.47 million metric tons as of Jan. 1, the lowest since 2017.
Goyal said India would for now continue with its export curbs on wheat, rice and sugar.
"We are committed to protecting both consumers' and farmers' interests," he said.
India, also the world's second-biggest rice producer, last year banned overseas shipments of non-basmati white rice. And New Delhi has also stopped mills from exporting sugar this year.
Goyal also said his government has no immediate plans to allow duty-free imports of corn - also known as maize in India - turning down the poultry industry's demands.
"Farmers will plant more maize this year," he said.
(Reuters)
(VAN) In its monthly grain market report, released on Nov. 21, the IGC revised total grains ending stocks lower by 8 million tonnes, to 576 million, a 3.5% decrease from the previous year.
(VAN) Vietnam's tea industry, one of the top five tea-exporting countries in the world, is facing a concerning reality as the average export price of Vietnamese tea is only 67% of the global tea price.
(VAN) Analysts at EastFruit have observed that fruits and vegetables are contributing to inflation in Russia, despite the government's efforts to combat it through fiscal policies and an increase in the key interest rate to 21%.
(VAN) Expanding high-quality tea varieties has become a strategic goal for Vietnam's tea industry to increase export value and escape the 'cheap price trap' when exporting tea to global markets.
(VAN) After implementing the OCOP program, several products from Bac Kan Province have established a strong presence in the market and are moving towards export.
(VAN) On November 20, a Vietnamese company exported nearly 10 tons of bird's nest to China's market through the Bac Luan II border gate in Quang Ninh.
(VAN) Many businesses believe that Halal market is huge and has a lot of potential; even in Vietnam, there are Muslims, and improving product quality is important.