Country has adequate stock of foodgrains: Minister

Ahead of ministers' panel meeting likely next week on the issue of wheat and non-basmati rice exports, Commerce and Industry Minister Anand Sharma today said that the country has an adequate stock of foodgrains.

"We have adequate food reserves of both wheat and rice...We have almost twice the required quantity both for wheat and rice for the buffer and the critical reserves," Sharma told reporters here.

However, he said a group of ministers will have to take a view on all aspects, including the domestic and global prices of these commodities.

An empowered group of ministries (EGoM) is scheduled to review the issue on July 11. The Food Ministry has moved a proposal to export 2 million tonnes of wheat and 1 million tonne non-basmati rice.

"There are some proposals from the Food Ministry and the feasibility has been examined by the Commerce Ministry...But the view has to be taken by a group of ministers on this matter (allowing exports of wheat and non-basmati rice)," he said.

Export of wheat and non-basmati rice has been banned since February 2007, and April 2008, respectively in the backdrop of high food inflation.

Food inflation fell to a one-and-a-half month low of 7.61 for the week ended June 18.

Currently, the government godowns are overflowing with over 65 million tonnes of foodgrains, while the storage capacity is only 62.23 million tonnes.

The Agriculture Ministry has pegged total foodgrains output at 245 million tonnes for the 2011-12 crop year, as against 235.88 million tonnes last year.