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India bans wheat export with immediate effect Wheat

India bans wheat export with immediate effect

India Blooms News Service | @indiablooms | 14 May 2022, 10:26 am

New Delhi: The Centre on Saturday announced it has decided to ban wheat export with immediate effect in an attempt to control the rise in prices at home.

In its notification amending the wheat export policy, the government said that there is a sudden spike in global prices which has food security of India, neighbouring and other vulnerable countries at risk.

The policy change came a day after the government said it would send trade delegations to Morocco, Tunisia, Indonesia, Philippines, Thailand, Vietnam, Turkey, Algeria and Lebanon for exploring possibilities of boosting wheat exports from India.

While issuing the wheat export ban order on May 13, Directorate General of Foreign Trade (DGFT) however said that as a transitional arrangement export will be allowed where Irrevocable Letter of Credit (ICLC) has already been issued.

"Export will also be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their government," the notification said.

As per DGFT estimates, India exported 7 million tonne (MT) of wheat in 2021-22 which is valued at $ 2.05 billion. Out of the total shipment around 50% of wheat was exported to Bangladesh in the last fiscal. In a press statement on Thursday, the Ministry of Commerce and Industry had said India has set a target of a record 10 million tonnes of wheat in the 2022-23 amid rising global demand for the grain globally.

(With UNI inputs)

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