Rangarajan panel to handle excess foodgrain stocks.

To ease pressure on storage, an expert group headed by PMEAC Chairman C Rangarajan has suggested the government to immediately export 2 million tonnes of wheat from government stocks, and make additional supply of 13 million tonnes of the grain via ration shops and in the open market.

The panel, in the report submitted to Prime Minister Manmohan Singh on Thursday, said the release of 15 million tonnes of wheat stock from central godowns would lead to subsidy outgo of Rs 16,790 crore. It also suggested wheat export of one million tonnes via private trade, for which subsidy outgo would be lower at Rs 150 crore.

Agriculture Minister Sharad Pawar, Food Minister K V Thomas and and Commerce Minister Anand Sharma on Friday discussed ways to implementing the panel’s suggestions to ease pressure on storage during the monsoon season.

At present, the government godowns are overflowing with granaries of 71.12 million tonnes, which is higher by 20 per cent from last year period. The storage capacity is for 62.8 million tonnes.

Chicago ready for 25th NATO Summit

More than 60 heads of state and government will meet at Chicago. The main discussion will be 


on security and stability in the Euro-Atlantic area. They will deliver on decisions taken at the 


Lisbon Summit in November 2010, driving forward key Alliance policies and reaffirming the 


transatlantic link.

RBI offers $2 bn swap arrangement to strengthen cooperation among SAARC countries

The Reserve Bank of India will offer Swap Arrangement of US $ 2 billion both in foreign currency and in Indian rupee to member countries of the South Asian Association of Regional Co-operation(SAARC).

Dr D Subbarao, Governor, RBI, announced this arrangement at the 24th SAARC FINANCE Governors’ Meeting, in Pokhara, Nepal. This swap arrangement is with a view to strengthening regional financial and economic cooperation.

With launching of this facility, member countries -- Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka -- can now approach Reserve Bank of India for availing of the facility.

The SAARC Swap Arrangement will have a corpus of US$ 2 billion. India will contribute the entire fund. The swap amount available to various member central banks has been arrived at broadly based on two months import cover subject to a floor of US$ 100 million and a maximum of US$ 400 million per country.

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