UPSC Prelims 2024
Economy
Consider the following statements :
1. India is a member of the International Grains Council.
2. A country needs to be a member of the International Grains Council for exporting or importing rice and wheat.
Which of the statements given above is/are correct?
Explanation
* Statement 1: Correct. India is indeed a member of the International Grains Council (IGC). * Statement 2: Incorrect. Membership in the IGC is not a prerequisite for engaging in the rice and wheat trade. Countries that are not members can still export and import these grains. The IGC primarily serves as a forum for intergovernmental cooperation and policy discussion on grain trade.