India is likely to support the removal of food export restrictions for humanitarian purposes during the annual meeting of International Monetary Fund (IMF) and World Bank in Washington later this week. The move of removing food export restrictions has been recommended by the G-20. The government earlier this month had lifted a four-year-old ban on wheat exports but prohibited onion exports to control its rising price.
The Finance Minister, Pranab Mukherjee, during the G-20 finance ministers meeting on September 23-24 will discuss the issue. India has welcomed the recommendations of the Development Working Group (DWG) of the Agriculture ministerial, which talks about extraordinary taxes for food purchased apart from removal of export restrictions for humanitarian purposes by the World Food Programme.
The G-20 is also proposing a pilot programme for small, targeted, regional, emergency, humanitarian food reserves and a rapid response system under the aegis of the Food and Agriculture Organisation (FAO) to prevent food scarcity. The Development Working Group under the G-20 will also formulate an action plan on food and water security.
Another key DWG recommendation is to launch an Agricultural Market Information System (AMIS), an international information system on crop production, on the lines of JODI oil initiatives. Such a mechanism will provide accurate and timely information on crop production, stock trades and price in an effort to curb volatility.
JODI or Joint Oil Data Initiative is considered a reliable, freely accessible and comprehensive database of energy statistics. It offers a fair assessment of global oil consumption and production on a monthly basis.
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