Government to lift ban on non-basmati rice exports only if stocks permit

August 1st, 2008 - 8:30 pm ICT by IANS  

New Delhi, Aug 1 (IANS) The government will review the export ban on non-basmati rice after assessing the country’s grain stocks, commerce minister Kamal Nath said Friday. “We will have a meeting of the empowered group of ministers next week which is going to review food stock and crop availability and take a decision in this regard,” Kamal Nath told reporters during a business meet organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).

India has levied an export tax of Rs.8,000 per tonne on basmati and banned overseas sales of other grades of rice to check inflation, which has soared to a 13-year high to 11.98 percent on week ended July 19.

“The relaxation will completely depend on the availability of food stocks,” Kamal Nath said.

The country has also banned exports of wheat and vegetable oils and cut import tax on a host of commodities to cool prices.

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