India bans wheat exports

wheat grain
©Shutterstock / Fotodom

Ensuring India’s food security requires special measures given the sharp rise in world wheat prices. In this regard, on Saturday, May 14, the Indian government decided to ban the export of this type of grain.

The ban takes effect immediately. The export of wheat may be allowed in certain cases if an irrevocable letter of credit under the grain supply transaction was issued on or before the date of notification of the ban, quoted by RIA Novosti message from the Ministry of Commerce and Industry of India.

It is also possible to issue separate government permits for the export of wheat in cases where it is necessary to meet the needs of other states in the field of food security based on the request of their authorities.

India is one of the world’s largest suppliers of wheat. According to the director of the analytical department of Freedom Finance, Vadim Merkulov, in the 2020/2021 season, out of 768 million tons of wheat produced in the world, 103 million tons came from India, reports “Finam”. In April 2022, India’s largest grain producer warned of a drought threatening the grain crop. The forecast for the wheat harvest in the 2021/2021 season was reduced by 5.7% to 105 million tons.

Against the background of the special operation of the Russian Federation to demilitarize Ukraine and the disruption of food supplies from these states, which are also major world producers of grain, the situation on the global food market has become even more complicated. The UN emphasized the need to resume food supplies from Russia for food security around the world.

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