India bans wheat exports to bring down domestic prices

0 Comment(s)Print E-mail Xinhua, May 15, 2022
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Workers fill bags with wheat at a market in Amritsar district of India's northern Punjab state, April 19, 2022. [Photo/Xinhua]

The Indian government has banned wheat exports with immediate effect as part of its steps to control the price increase at home, officials said Saturday.

The notification was issued by the federal ministry of commerce and industry's Directorate General of Foreign Trade (DGFT) on Friday.

The government said only export shipments for which letters of credit have been issued on or before Friday's notification will be allowed.

The government further said it will allow exports on requests from other countries.

The notification said the government had taken the decision "in order to manage the overall food security of the country and to support the needs of the neighboring and other vulnerable countries."

Reports said global buyers had been banking on India after exports from the Black Sea region dropped since the Russian-Ukraine conflict in late February.

The move to ban wheat exports comes after a huge crop loss due to a heatwave in March in India.

The Indian government is under pressure to rein in inflation that surged to 7.79 percent in April.

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