Some facts revealing the true situation. 1. Why was import not allowed when the food grain stocks were low. 2. India could have always imported wheat at ruling prices and sold it at Rs 1000 per quintal through its PDS and taking the differnce as subsidy - just in case the prices would have declined from US 500 per ton. DOes it not give subsidy on petroleum products. 3. The railway minister can help chip in by reducing the freight charges for the finised steel from the steel plants and imported steel. 4. The Commerce Minister can help by supporting increase in export duty on Iron Ore on ad valoremm basis (percentage of price of ore as against Rs 300 fixed). 5. The Commerce Minister can further help by reducing the DEPB benfits on Iron Ore as well as on steel. 6. Still the Agriculture Minister can do amends by importing large quanties of food grains. It is well known that the wheat stocks in the world have already depleted from 130 million to only 72 million. The situation is not going to improve considering the situation in south east asian and african countries. 7. It is high time the RBI puts its acts together. It shd allow th Rupee to appreciate - two things will happen. Export will become difficult lading to inflation being exported. It will also allow the import bill of petroleum products to reduce.
