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Translated by: Himalaya Oxford Visionary – boylatin1L
On May 13th, the Indian Government announced a ban on wheat exports, effective immediately.
According to Deutsche Welle, Indian Prime Minister Narendra Modi and other Indian Government officials, had previously announced that they would assist in significantly increasing wheat exports in the face of a looming wheat shortage on the global market since the Russo-Ukrainian war and also set a massive target of 10 million tons of exports this year.
However, with this came the extreme heat that India is currently experiencing, which has reduced the country’s wheat harvest by nearly 6 percent, according to the Ministry of Food and Public Distribution. As a result, some economists have also warned that there could be a wheat crisis within India.
In addition, the Indian Government is also facing pressure to control inflation. In April, India’s inflation rate reached 7.79%, the fourth consecutive month exceeding the RBI’s tolerable ceiling of 6%.
To protect domestic supply and control the domestic market commodity prices, India’s Directorate General of Foreign Trade immediately issued a notice to implement the wheat export on May 13th. However, countries that request and obtain authorization from the Indian Government will be able to continue to receive wheat exports from India.
Edited and Proofread by: Linda Progress
Posted by: Peter Chen
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