4.5 M tonnes of wheat to be imported in 1973-74
New Delhi, July 25: The Government to-day cleared the decks for importing 4.5 million tonnes of wheat during 1973-74, involving a foreign exchange expenditure of about Rs. 560 crores. The estimate of foreign exchange expenditure for the current financial year which was approved at a joint meeting of the Political Affairs Committee of the Cabinet and its Committee on Economic Policy to-day, included this massive provision for food imports. The figure of 4.5 million tonnes excludes two million tonnes the import of which was decided upon in 1972-73 and of which 1.8 million tonnes have so far arrived. The India Supply Mission in Washington has already been authorised to purchase this quantity from the U.S., Canada and Argentina and efforts to secure supplies from other countries are also on. The joint meeting also considered the situation created by the sharp decline in jute prices and decided to direct the newly-set up Jute Corporation to immediately enter the market and buy maximum possible quantities to avoid any hardship to the grower. The purchases will be effected at the rates fixed by the Agricultural Prices Commission and already accepted by the Government. The possibility of stepping up exports of sugar, taking advantage of the rise in international prices, was also considered. Last year, India exported about 100,000 tonnes of sugar. This year, the exports will be substantially more. The efforts will be able to fulfil the international quota allotted to India. The joint meeting of the PAC and the EPC also discussed the stand India should take at the forthcoming meeting of the group of 20 set up by the International Monetary Fund in Washington for evolving the framework of a new and stable monetary system.
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