Connect with us

Business

India bans wheat export with immediate effect to calm local prices

Published

on

New Delhi: The Central government has placed a ban on wheat export with immediate effect in the wake of the grave situation of less than estimated domestic wheat production and an excessive global price hike after a spike in demand following the Russia-Ukraine war.

There is just one exception mentioned in the notification that was issued late on Friday.

Earlier, the Centre had said it was happy that the farmers were getting good returns for their produce as India had exported almost 11 lakh metric tonnes (LMT) of wheat till April.

Advertisement

The government also claimed that it was committed to provide food security to its own population, its neighbours and also some vulnerable countries and hence brought in the amendment in relevant sections of the Export Policy.

Exports would be allowed only in case of shipments where irrevocable Letter of Credit (LoC) has been issued on or before May 13.

Since the new wheat came in the market, a large number of farmers had been selling their produce to private traders who in turn were sending it to exporters in the face of the huge demand.

Advertisement

Both Russia and Ukraine have been the largest exporters of wheat in the international markets. Ever since the war broke out on February 24, the supply has been disrupted with an increase in demand.

Due to massive heat waves in March and April, the estimated food grain production had revised to 1,050 LMT against the earlier estimate of 1,113 LMT.

Indian traders had been buying wheat directly from the farmers at increased prices leading to a shortfall in government procurement too.

Advertisement

However, Secretary Food, Sudhanshu Pandey had told media persons just 10 days ago that India had enough stocks to cater to its domestic requirement to ensure food security.

Wheat export in 2019-20 was 2.17 lakh metric tonnes that had increased to 21.55 LMT in 2020-21, which in turn increased to 72.15 LMT in 2021-22.

“This season, about 40 LMT wheat has been contracted for export and about 11 LMT has already been exported in April 2022,” Pandey had said.

Advertisement

The post India bans wheat export with immediate effect to calm local prices appeared first on KalingaTV.

Click to comment

Leave a Reply

Your email address will not be published.

Recently Posted

Jobs8 hours ago

The Absa SHE STARS Program for female Kenyan Entrepreneurs 2022

The Absa SHE STARS Program supports female entrepreneurs from various sectors in Kenya to overcome some of the most prevalent challenges...

SASSA Jobs or Careers SASSA Jobs or Careers
Jobs8 hours ago

SASSA Jobs or Careers

The South African Social Security Agency (Sassa) is a government entity that is not only responsible for distributing social grants to...

How To Search For Jobs Vacancies For SASSA How To Search For Jobs Vacancies For SASSA
Career1 day ago

How To Search For Jobs Vacancies For SASSA

  The South African Social Security Agency (Sassa) is a government entity that is not only responsible for distributing social grants...

Apply For Central Queensland University Australia HeART Of The Basin Scholarship 2022/2023 Apply For Central Queensland University Australia HeART Of The Basin Scholarship 2022/2023
Scholarships4 days ago

Apply For Central Queensland University Australia HeART Of The Basin Scholarship 2022/2023

Apply For Central Queensland University Australia HeART Of The Basin Scholarship 2022/2023 Scholarship Description: The CQUniversity is offering 2022 HeART...

Apply For University Of Melbourne Australia Faculty Of Science Postgraduate Writing-Up Award 2022/2023 Apply For University Of Melbourne Australia Faculty Of Science Postgraduate Writing-Up Award 2022/2023
Scholarships4 days ago

Apply For University Of Melbourne Australia Faculty Of Science Postgraduate Writing-Up Award 2022/2023

Apply For University Of Melbourne Australia Faculty Of Science Postgraduate Writing-Up Award 2022/2023 Scholarship Description: The University of Melbourne is...

Apply For Japanese Government (Monbukagakusho: MEXT) Scholarship For Undergraduate Studies 2023 Apply For Japanese Government (Monbukagakusho: MEXT) Scholarship For Undergraduate Studies 2023
Scholarships4 days ago

Apply For Japanese Government (Monbukagakusho: MEXT) Scholarship For Undergraduate Studies 2023

Apply For Japanese Government (Monbukagakusho: MEXT) Scholarship For Undergraduate Studies 2023 Scholarship Description: The Monbukagakusho: MEXT (Ministry of Education, Culture,...

Breaking News Update4 days ago

Yul Edochie’s First Wife, May Releases Breath Taking Photo After Husband’s Second Wife Saga

May Edochie, Wife of Nollywood actor, Yul Edochie, has released new breathtaking photo, weeks after her husband announced his second...

Hotest News4 days ago

CharlyBoy leads protest against killing of Deborah Samuel (photos)

Popular Nigerian singer and activist, Charles Oputa, aka Charly Boy today May 23, led a protest against the gruesome killing...

Hotest News4 days ago

British politician Imran Ahmad Khan is jailed for 18 months for historical sex assault on teenage boy

British politician Imran Ahmad Khan has been jailed for 18 months following his conviction for sexually assaulting a 15-year-old boy. The...

Hotest News4 days ago

“No man wants to be with you because you’re bitter” Bobrisky writes as he and Tonto Dikeh resume their beef

Former best friends Bobrisky and Tonto Dikeh are calling each other out on Instagram. Bobrisky threw the first punch and Tonto...

Hotest News4 days ago

EFCC arrests 22 suspected internet fraudsters in Asaba

Operatives of the Economic and Financial Crimes Commission, EFCC, Benin Zonal Command have arrested 22 suspected internet fraudsters. The suspects were...

Foreign Affairs4 days ago

Grandson stabbed granddad to death after finding out he was accused of sex abuse

David Oliver, 74, was accused of historic sex abuse against girls, a court heard (Picture: Central News/Web) A 25-year-old man...

Latest Movies4 days ago

Dave Filoni Recalls Rosario Dawson’s Ahsoka Tano Screen Test

Dave Filoni, executive producer, director, writer, and Star Wars mastermind of Disney+’s The Mandalorian, recalls Rosario Dawson’s screen test as Ahsoka Tano. Filoni helped...

Breaking News Update4 days ago

‘I Spent N30m, The Producers Could Not Pay Me’ – Caroline Danjuma Speaks On Appearance In Reality Show

Former actress, Caroline Danjuma has revealed that the producers of Real Housewife of Lagos, a reality TV show she features...

Latest Movies4 days ago

Marie-Laure ‘Kayane’ Norindr Interview: Daija Arcade Stick

The secret to becoming a professional player at any video game is practice, which is especially true of the fighting...

Trending

x