Egypt clears Indian wheat, trade negotiations on with more nations
Egypt clears Indian wheat, trade negotiations on with more nations
Egypt, who traditionally rely on the supply of cheap Ukrainian and Russian wheat to meet domestic demand, Indian wheat varieties approved after the delegation of visits from the country conducted a Madhya Pradesh, Punjab and Maharashtra tour to ensure quality, storage and other export parameters.
Egypt, the top importer of the world, has approved India as a supplier to fill a large vacuum in the food stock of North African countries because of the Ukrainian conflict, a step that will open a profitable market for Indian farmers and also deepen agricultural bonds between the two countries, officials said on Friday.
India has accelerated efforts to export wheat delivery from large-scale domestic stocks, in the midst of global deficiencies triggered by war.
India, the second largest wheat producer in the world, is currently in “discussions with various countries including Egypt, Turkey, China, Bosnia, Sudan, Nigeria, Iran, etc. to begin wheat exports,” said an official asking for anonymity.
New opportunities for agricultural exports tend to encourage Indian export income, which reached a record $ 418 billion (₹ 31.4 lakh crore) for 2021-22. Farmers are expected to reap higher prices, because analysts expect domestic wheat prices to rise behind exports.
Egypt, who traditionally rely on the supply of cheap Ukrainian and Russian wheat to meet domestic demand, Indian wheat varieties approved after the delegation of visits from the country conducted a Madhya Pradesh, Punjab and Maharashtra tour to ensure quality, storage and other export parameters. Both countries fought together accounted for up to 30% of global wheat exports and almost 80% of Egypt’s imports.
On Friday, the Minister of Trade Piyush Goyal Tweeted: “Indian farmers feed the world. Egypt approved India as a supplier of wheat. Prime Minister Narendra Modi stepped as a world of searching for a reliable alternative source for stable food supply And we are ready to serve the world. “
India has increased efforts to seize a rare global opportunity to increase wheat shipments because international wheat prices are currently in power than domestic minimum support prices.
“We are further targeting US $ 300-400 million export revenues that will not only help small-scale farmers to collect better prices for their harvest but also the central government in terms of income and reduction in the procurement of certain commodities,” said Fauzan Alavi, Director of Allana Group, the largest wheat exporter in India.
