Not looking to lift curbs on export of food items: Goyal

India will not remove export bans on rice, wheat, onion and sugar any time soon, commerce minister Piyush Goyal said on Saturday, stressing that the government’s priority was to cool domestic prices.

- Zia Haq

“As of now, there is no plan to remove export restrictions. Our priority is to keep food affordable to the poor and the middle-class and by stepping up procurement, balance the interests of farmers and consumers,” Goyal said. Procurement refers to the government’s buying of food commodities from growers at federally fixed floor prices.

The government is also constantly watching the crisis in the Red Sea, a major sea route for Indian exports, including basmati rice, which is witnessing a violent regional spillover of Israel’s war with Hamas, the minister said.

“More alternate routes will be explored if it escalates further,” Goyal said. “We are talking to Export Credit Guarantee Corporation to lower interest rates for exporters, including basmati traders.”