The 40,000 tonne of wheat and 10,000 tonnes of non-basmati rice exports to Oman is widely seen to enhance diplomatic relations with that country. The country overturned the three-year ban imposed on the exports of wheat and non- basmati rice on Monday as its domestic markets were flooded with these commodities.
The Empowered Group of Ministers, led by the Finance Minister Mr. Pranab Mukherjee decided on Monday to allow one million tones aggregate export of wheat and non basmati rice to India's neighbours'. The centre added today, that 50,000 tonnes out of the permitted one million tonnes would be allocated for exports to Oman.
The buffer wheat and rice stocks in India on July 1, 2011 were 64.12 million tonnes, which is over twice the normal buffer stock standards. Globally, the country is second on the list in wheat and rice production. During 2010-11 crop year, which begins every October; the country is expected to have produced 84.27 million tonnes of wheat and 94.11 million tonnes of rice.