Indian Commerce Minister Piyush Goyal on Wednesday said that India will continue to allow wheat export for countries which are in serious need and are friendly and also have the letter of credit. Goyal said this during the ongoing World Economic Forum meeting in Davos, reports NDTV.
“India wheat exports are less than 1 per cent of world's trade and our export regulation should not affect global markets. We continue to allow exports to vulnerable countries and neighbours,” the minister said.
He said that though 7 per cent to 8 per cent of wheat production was expected during the year, due to the severe heat waves there was early harvest and and also production loss. “Given this situation, what we are producing is about enough for domestic consumption,” Mr Goyal added.
He made it clear that India was never a traditional player in the international wheat market and export of wheat only began about two years ago.
Speaking at Davos Summit, the Commerce Minister said that last year 7 lakh metric tonnes (LMT) of wheat was exported and majority was done within the last two months when the war between Russia and Ukraine erupted.
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