Indian Economy News

India could soon allow wheat exports of 1.2 million tonnes: Report

India could soon allow traders to ship out around 1.2 million tonnes of wheat as it seeks to clear cargoes stuck at ports following last month's abrupt ban on grain exports.

However, even with New Delhi's permission to export that much, about 500,000 tonnes of wheat may remain at ports because some traders have failed to secure export permits, according to sources familiar with the situation. New Delhi banned wheat exports in a surprise move on May 14, 2022 but said it would allow overseas shipments backed by already issued letters of credit (LCs) and countries that request supplies to meet their food security needs.

Most cargo would be shipped to Bangladesh, with other likely destinations including Nepal, Indonesia, the Philippines, and Sri Lanka.

Traders who have not received export permission want the government to let them ship out to foreign countries requesting New Delhi for wheat supplies, dealers said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.