New Delhi: The twenty major economies of the world including India will lift all sorts of restrictions on food exports. These nations, known as G-20, produce about two-thirds of the total food production in the world and this decision is expected to prevent volatility of food prices to a large extent.

Finance Minister Pranab Mukherjee will represent India at the G-20 meeting organised in the US from September 23-25. According to an official of the Finance Ministry, the food export policy in India is very liberal and such a decision will provide ample benefits to the food sector.

The new decision will enable India to acquire technical ability from the developed nations to accurately predict agricultural production, trade and the prevailing prices. The G-20 nations are also expected to sign an agreement on maintaining the data of agricultural production systematically at a single place to predict any ups and downs in the prices of the food products amongst them. A similar technique is already in place among the oil producing nations.

The countries will decide on developing food reserves in various parts of the world to be utilised in emergency situations. The member nations will also announce an extensive research programme to increase the wheat production.

Besides, they will plan to develop a technique to detect timely shortage of food grain so that a strategy can be prepared before hand to deal with the situation. The initiative will help in abolishing the unpredictable nature of the food prices in the world.

It is to be noted that post-recession in 2008-2009, the G-20 nations were considering a system to prevent instability in food prices. The Agriculture ministers of the G-20 nations had met in June and agreed upon some of the issues which will be accepted by the nations under an agenda this week.