“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.”
This story is from the January 14, 2024 edition of Hindustan Times.
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This story is from the January 14, 2024 edition of Hindustan Times.
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