India has placed an emergency embargo on wheat exports, according to a statement issued by the ministry of commerce late Friday night.
The wheat export ban was implemented due to a sudden surge in the price of the food grain on the worldwide market, according to the Directorate General of Foreign Trade (DGDT) in a notification dated May 13, and was exercised as part of measures to control rising domestic costs. The government also stated in the decree that the wheat export ban was implemented to safeguard overall food security.
The DGFT stated in its notification that wheat export shipments for which irrevocable letters of credit (LoC) were issued on or before the date of this notification will be approved. “Exports will also be permitted if the Indian government grants permission to other nations to meet their food security needs and if their governments request it.”
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“There has been a dramatic surge in global wheat prices as a result of several circumstances, putting India’s, neighbouring, and other vulnerable nations’ food security at jeopardy,” the DGFT stated in the announcement. “Exports will also be permitted if the Indian government grants permission to other nations to meet their food security needs and if their governments request it.”
“There has been a dramatic surge in global wheat prices as a result of several circumstances, putting India’s, neighbouring, and other vulnerable nations’ food security at jeopardy,” the DGFT stated in the announcement. “The Indian government is dedicated to meeting the food security needs of India, its neighbours, and other vulnerable developing nations that have been harmed by rapid shifts in the global wheat market and are unable to obtain adequate wheat supply, according to the order.
The DGFT, which is part of the commerce ministry, also stated that the government was adopting the move to ban wheat export from India in order to manage the country’s overall food security and to meet the needs of neighbouring and other vulnerable countries.
The decision came a day after India announced it will send trade teams to nine countries, including Morocco, Tunisia, and Indonesia, to look into ways to increase wheat shipments as it aims to export 10 million tonnes in 2022-23.
However, it was reported on Friday that India’s wheat exports may decelerate due to mounting fears about the Food Corporation of India’s stockpiles plummeting due to aggressive buying from private players and an overall production deficiency. As a result, atta prices climbed to their highest level since January 2010, prompting a group of ministers led by home minister Amit Shah to address the matter.
Atta prices have surged due to a decrease in wheat production and inventories in the country, with prices reaching roughly Rs 2,400 per 100 kg. This is significantly over the Centre’s guaranteed Minimum Support Price and is an unusual occurrence. The decision was made to ensure that ordinary people do not face the weight of growing prices as geopolitical tensions persist.