Government closely monitoring trade in light of Russia-Ukraine crisis: Goyal

The government continues to monitor the opportunities the war between Russia and Ukraine has created for India and is in dialogue with traders to secure more exports of wheat and other commodities. Responding to follow-up questions during Question Time, he said India’s wheat exports will exceed 70 million tonnes this year, up from just 2 million tonnes two years ago. Goyal said that many ships and containers were blocked in several European countries after the war between Russia and Ukraine, and the crisis was worsening, especially after the Covid-19 crisis.

The Minister said India continues to monitor the opportunities this opens up for India and Indian exporters. “We are producing high quality wheat and our exports are increasing. Two years ago it was 2 million tons, last year it exported 21 million tons, it exported more than 10 times. , It should end the year with more than 70 million tons per year. “We are working on coordination between the different ministries to ensure a smooth transition. Ukraine and Russia are major wheat exporters, so we plan to increase wheat exports to current importing countries.

“The government has continued dialogue with shipping companies and container operators. The government is closely monitoring the situation and will take the necessary measures,” he told senators. He also said that the government is in dialogue with exporters, importers and those involved in the business and various measures are being taken to ensure that payments are made on time and the business does not suffer. said.
“India reached $400 billion in exports despite Covid restrictions, which is historic as India never reached that figure,” he said.

The USDA is in dialogue with various countries to expedite and expedite the process so they can find new markets for their wheat,” Goyal said. He said when the whole government gets involved, there is an effort to provide high quality wheat as Indian rice has become a luxury item in the world. In terms of trade, the Minister added that trade is autonomous, and diplomacy and geopolitics are autonomous. “It’s important not to confuse the two because one can affect the other.” He said there had been enthusiasm from many interested countries.

“But our national and strategic interests always take precedence over bilateral relations with any country.” In a written response to the impact of the Ukraine crisis on Indian industry and trade, Goyal said: “The impact can only be assessed once the situation stabilizes.

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  • Government closely monitoring trade in light of Russia-Ukraine crisis: Goyal
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Christi C. Elwood