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regular-article-logo Tuesday, 05 November 2024

Government keeping close watch on trade amid Russia-Ukraine crisis: Piyush Goyal

The commerce and industry minister said many ships and containers have been blocked in European countries

Our Special Correspondent New Delhi Published 26.03.22, 03:18 AM
Piyush Goyal

Piyush Goyal File picture

The Russia-Ukraine war has opened up opportunities in wheat exports, but shipping lines have been affected by the conflict, commerce and industry minister Piyush Goyal told the Rajya Sabha on Friday.

The minister said the government is monitoring the opportunities and is in dialogue with traders to ensure more exports of wheat and other commodities.

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Goyal said many ships and containers have been blocked in European countries .

“The government has maintained dialogue with shipping companies and those who operate containers. Whatever steps are required to be taken it will take action,” he told the members on the Upper House.

Besides, various measures are being taken to ensure payments come on time and businesses are not affected.

Indian wheat exports are set to cross 70 lakh tonnes this year from merely 2 lakh tonnes two years ago.

“We have produced good quality wheat and our exports have grown. From 2 lakh metric tonnes two years ago, our exporters have exported 10 times more than 21 lakh metric tonnes last year and in the current year, we will close the year with over 70 lakh metric tonnes in a year,” Goyal said.

“We are working in co-ordination with ministries for a smooth shift. Because Ukraine and Russia were large exporters of wheat, we are on track to increase our wheat exports to current importers."

In his written reply on the impact of the Ukraine crisis , Goyal said, “The impact can be assessed only after the situation stabilises. However, the Department of Commerce is holding regular consultation with all stakeholders to ensure availability of essential imports.”

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