India Bans Wheat Exports 2 Days After Announcing Massive Trade Goal

Saturday, 14 May 2022newsdesk

India has banned wheat exports with immediate effect as part of its steps to control the spike in prices at home. Only export shipments for which letters of credit have been issued on or before yesterday's notification will be allowed, the government said.

New Delhi, 14 May 2022

As per news report of NDTV, Besides, the government will allow exports on requests from other countries, the notification issued by Directorate General of Foreign Trade (DGFT) said. The notification said that the government had taken the decision "in order to manage the overall food security of the country and to support the needs of the neighbouring and other vulnerable countries". Global buyers had been banking on India - the world's second largest wheat producer after China - for supplies after exports from the Black Sea region dropped since Russia's invasion of Ukraine in late February. The move to ban wheat exports comes after huge crop loss due to a heatwave in March. The government is also under pressure to rein in inflation that surged to 7.79 per cent in April.

Source - NDTV