India considers allowing further wheat exports

NEW DELHI Thu Jan 31, 2013 8:21pm IST

Farmers carry wheat crop in a field at Bhadari village, 30 km (19 miles) from Allahabad April 8, 2008. REUTERS/Jitendra Prakash/Files

Farmers carry wheat crop in a field at Bhadari village, 30 km (19 miles) from Allahabad April 8, 2008.

Credit: Reuters/Jitendra Prakash/Files

Related Topics

NEW DELHI (Reuters) - India is considering allowing additional wheat exports to cut huge stocks at government warehouses and make room for the new season's harvest, Food Minister K. V. Thomas said on Thursday.

After lifting a four-year-old ban on wheat exports by private traders in 2011, last year the government approved 4.5 million tonnes of exports from its overflowing warehouses, and more than 2 million tonnes of this total has yet to be shipped.

Approval of yet more exports by India, the world's biggest wheat producer behind China, will help buyers in the Middle East and Africa as leading suppliers Russia and Australia are facing falling output.

"We are considering some more exports. That is the best way to lower your huge surplus stocks when world prices are good," Thomas told Reuters.

Separately, Thomas said the government would prefer to wait until end-February to get a clear idea about the 2012/13 season sugar output before conceding to industry's demand to raise import tax. (Reporting by Jo Winterbottom and Mayank Bhardwaj; Editing by Anthony Barker)

FILED UNDER:

Economic Pulse

REUTERS SHOWCASE

Banking Sector

Banking Sector

India's laggard state lenders face tough sell on capital raising plan  Full Article 

Falling Oil Prices

Falling Oil Prices

Saudis signal no push for oil cut as market to "stabilise itself"  Full Article 

Raising Stake

Raising Stake

Nippon Life to raise stake in Reliance Capital fund unit  Full Article 

Sterilisation Camps

Sterilisation Camps

Sterilisation targets remain in all but name, critics say  Full Article 

Share Buyback

Share Buyback

Samsung Electronics to buy back $2 billion in shares  Full Article 

Bird Flu Scare

Bird Flu Scare

India orders culling after bird flu outbreaks in Kerala.  Full Article 

Microsoft in China

Microsoft in China

Microsoft to pay China $140 million for 'tax evasion'   Full Article 

Flashback: 26/11

Flashback: 26/11

The three-day attack in November 2008 left 166 dead.  Slideshow 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage