Translated by: MOS Education Team – Wenqin
On May 13, 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 have previously announced that in the face of the looming wheat shortage in the global market since the Russian-Ukrainian war, they will assist in significantly increasing wheat exports and set a huge target of 10 million tons of exports this year.
However, the heatwave that India is experiencing has reduced the country’s wheat harvest by nearly 6%, according to data from the Ministry of Food and Public Distribution. Some economists have also warned that India may have a wheat crisis.
In addition, the Indian government is also under pressure to control inflation. In April, India’s inflation rate reached 7.79%, surpassing the tolerable ceiling of 6% set by the Central Bank of India for the fourth consecutive month.
To ensure domestic supply and control the increase in commodity prices in the domestic market, the India Directorate General of Foreign Trade issued a notice on May 13, indicating that the wheat export ban would be implemented immediately. However, countries that have requested and obtained authorization from the Indian government will be able to continue to accept wheat exported from India.
Reference link: https://gnews.org/post/p2530507/
Proofread & Edited by: Orange Wenju
Posted by: Orange Wenju
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