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Defying Covid blues, India exported a file 19.8 million tonne (MT) of rice and wheat in FY21 on the again of enticing abroad costs of the commodities and large surplus manufacturing at residence. Brimming official stock (primarily for welfare programmes) additionally ensured that no export curb was imposed by the federal government in a pandemic 12 months.
Rice exports nearly doubled to an all-time excessive of 17.7 MT final fiscal, in opposition to 9.5 MT a 12 months in the past. Equally, wheat exports surged to 2.1 MT in FY21, the very best since FY15 and in contrast with simply 0.2 MT within the earlier 12 months, confirmed the official information.
There was an nearly 4% enhance in basmati exports to 4.45 MT and a 160% surge in non-basmati to 13.09 MT in FY21, in response to information with Agricultural and Processed Meals Merchandise Export Improvement Authority (Apeda). In worth phrases, whereas the non-basmati rice phase greater than doubled to $4.8 billion ( Rs 35,448 crore), even greater than basmati, there’s a drop of seven% to $4 billion (Rs 29,849 crore) in shipments of fragrant varieties.
Demand for wheat, non-basmati rice and different cereals is more likely to rise additional, M Angamuthu, chairman of Apeda, instructed FE on Monday.
On the again of rising worldwide costs, Indian cereal export grew to become extra viable, significantly that of wheat. The UN Meals and Agricultural Group’s international cereal worth index is presently ruling at 125.1, highest since Might 2014.
Wheat futures on the Chicago Board of Commerce jumped 12.3% throughout FY21 to shut at $6.18 a bushel on March 31, 2021. Indian wheat is being contracted at $280-285 a tonne in opposition to Australian out there at $290-300 and Ukraine’s $270-280 for Bangladesh, Nepal, Sri Lanka, West Asian nations.
“We ensured provides weren’t disrupted as a result of lockdown as all involved authorities companies supplied vital help to exporters and facilitated bodily motion. Whereas regulatory compliances had been minimised, there was no compromise on high quality,” Angamuthu had stated.
In the meantime, official grain stock, too, stay elevated. In accordance with Meals Company of India, the official reserves had 77.23 MT of grains as of April 1, up 4.6% from a 12 months earlier. The shares had been nearly 4 instances of the general buffer and strategic reserve necessities.
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