India to retain curbs on farm exports, futures

India to retain curbs on farm exports, futures
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First Published: Mon, Aug 04 2008. 01 53 PM IST
Updated: Mon, Aug 04 2008. 01 53 PM IST
New Delhi: India may extend the ban on futures trading in soyoil, rubber, chickpea and potato when it expires next month, and is expected to retain export curbs on rice and wheat for at least three months, a top official said.
India has banned several farm futures and restricted food exports, hoping the moves would help contain inflation, which has risen to a 13-year high of nearly 12%.
“Prices of commodities remain a concern. It is unlikely that we will relax the ban on futures trade in four commodities,” Commerce Secretary G.K. Pillai told reporters on 4 August.
On 8 May, India suspended futures trading in soyoil, rubber, chickpea and potato for four months, and had earlier banned contracts of wheat, rice and two varieties of pulses.
The government has also banned exports of wheat and non-basmati rice to ensure steady supplies in the domestic market.
“Until the new crop comes, whatever restrictions are there will stay in place,” Pillai told reporters.
In May, Farm Minister Sharad Pawar said in a Reuters interview that the ban on non-basmati rice exports would continue until November, by when the government would know the output from the summer-sown paddy crop.
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First Published: Mon, Aug 04 2008. 01 53 PM IST
More Topics: Commodities | Futures | Wheat | Rice | Chickpeas |