Govt not considering any proposal to lift export curbs on wheat, rice, sugar: Minister Piyush Goyal
no proposal as of now to remove export restrictions on wheat, rice, and sugar. And India will not import wheat and sugar," Piyush Goyal told reporters.
The minister mentioned that the government is helping the friendly nations with their food security needs and exported rice to countries like Indonesia, Senegal, and Gambia. The economists have been divided over the government's move to curb the exports with some welcoming the move at a time when the central bank is struggling to keep the inflation below its tolerance band.
The others called it a “knee-jerk" reaction and opined that the government should formulate a rational trade policy keeping in mind both consumers and producers. Despite government efforts at managing the prices of essential commodities, the retail inflation of India touched a 4-month high of 5.69% in December 2023 as per the data released by data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) on Friday.
This is the second consecutive month when the inflation rate hovered above the 4% mark in the medium-term inflation target set by the Reserve Bank of India (RBI). In November 2023, India's retail inflation was recorded at 5.55%.
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