Third advance estimates of crop production for the year 2021-22 are out. India has harvested a record foodgrain production of 314.51 million metric tonnes (MMT), up by 3.77 MMT over the preceding year. Rice is at a peak of 129.66 MMT, up by 5.29 MMT over the previous year. Wheat production stands at 106.41 MMT, only 3.18 MMT less than last year.
This raises a moot question: Why did GoI press the panic button on wheat exports and ban it so abruptly? Is it that GoI did not know about these estimates when it imposed the ban or did it not believe its own estimates in the face of market rumours that were putting out a much lower estimate?
And GoI surely knew that as on April 1, its godowns were overflowing with wheat stocks of 19 MMT against a buffer stock norm of 7.4 MMT, and it had rice stocks at 55 MMT against the norm of 13.5 MMT. So, what was the hurry in imposing this export ban?
Was it because procurement of wheat is way below what GoI expected, or because domestic wheat prices had gone up by 9.6% in April (year-onyear)? We don’t know who advised GoI on this ill-conceived and irrational decision to ban wheat exports so abruptly. But it surely dented India’s policy credibility internationally as well as domestically.
This story is from the May 23, 2022 edition of The Times of India Hyderabad.
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This story is from the May 23, 2022 edition of The Times of India Hyderabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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