Consider the following statements:

India is a member of the International Grains Council.

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?

Statement 1 is correct. India is an active member of the International Grains Council. The IGC is an intergovernmental organization that oversees the Grains Trade Convention, 1995. It aims to promote international cooperation in the grains trade, particularly concerning wheat, rice, maize, and oilseeds. India is categorized as an exporting member within the council.

Analysis of Statement 2

Statement 2 is incorrect. Membership in the IGC is not a mandatory requirement for a country to engage in the import or export of rice and wheat. The IGC serves as a platform for information sharing, market transparency, and policy cooperation. International trade is governed by World Trade Organization (WTO) rules and bilateral trade agreements between specific nations.  Non-member countries can and do trade grains globally without being signatories to the Grains Trade Convention.

Key Facts about the IGC  The IGC provides crucial data and analysis to its members to help stabilize global markets. Its scope has expanded over the years beyond just wheat to include various commodities. 

Feature  Details Headquarters London, United Kingdom 

Key Commodities  Wheat, Rice, Maize, Barley, Sorghum, Oats, Rye Primary Goal Enhancing market transparency and grain food security India's Status Exporting Member