Government clears two million tonnes of wheat export to cut bulging stocks

The government has allowed two million tonnes of wheat export, which will help reduce bulging stocks in government warehouses.

Food minister K.V.Thomas told ET that the cabinet took the decision to export two million tonnes on Thursday.

“We have kept the base price this year at $ 300 a tonnes compared to $280 a tonnes in the previous year. There is a good demand for Indian wheat globaly,” he said.

According to him the country was able to export 4.5million tonnes wheat in the 2012-13 season. "We were able to sell wheat easily in the international market earning $ 1.31 billion,"he said.