Davos: Defending the government’s decision to control wheat and sugar exports, Commerce and Industry Minister Piyush Goyal said that the move was taken keeping in mind the domestic requirements and a need to keep hoarders and speculators in check who could have exploited vulnerable poor nations by selling them the commodities at higher prices.
According to the news agency PTI, Speaking at a session on global trade at the World Economic Forum Annual Meeting, he said that the misconceptions are being spread on the issue and he already discussed this with the WTO chief as well as the IMF head in Davos.
The Central government on Wednesday imposed restrictions on sugar exports up to 100 lakhs metric tonnes (LMT) from June 1, 2022, to maintain domestic availability and price stability during the sugar season 2021-22 (October-September). As per the order issued by the Directorate General of Foreign Trade (DGFT) with effect from June 1, 2022, till October 31, 2022, or till further order, whichever is earlier, the export of the sugar will be allowed with specific permission of the Directorate of Sugar under Department of Food and Public Distribution.
