January 19, 2012

India to sell surplus wheat harvest gains

India continues to export wheat and non basmati rice on account of higher food grains production, according to India's Food Minister, K.V Thomas.

The decision will also help the traders to earn good income as well as ease pressure over the storage spaces, which are presently over flowing with surplus arrivals. Depreciation of Rupee against the US dollar and high Thai rice price has increased the demand for Indian rice in the global market. The country had earlier in September 2011 lifted the ban on wheat and non basmati rice exports.

Presently, non basmati rice exports have crossed two million tonnes and wheat crossed 4.3 million tonnes. India is expected to produce a record 245 million tonnes of food grains for 2011-12.