India bans wheat exports, sharp rise in domestic prices

Directorate General of Foreign Trade

India bans wheat exports, sharp rise in domestic prices

New Delhi: India has imposed an immediate ban on the export of wheat to control rising domestic prices. 

    The Directorate General of Foreign Trade (DGFT) in its May 13 notification said, "The order shall not apply to the consignment for which permission has been granted on or before the date of this notification."

   The government has taken this decision in view of the rising price of wheat in the domestic market.

    The government said there has been a sudden rise in global prices of several wheat, as a result of which the food security of India, neighbouring and other vulnerable countries is at risk. Due to the ongoing war between Russia and Ukraine, the international price of wheat has increased by about 40 percent. This has led to rise in export from India. 

    With the increase in demand, the price of wheat and flour at the local level has gone up drastically.  

     The minimum support price for procurement of wheat is Rs 2,015 per quintal. Retail inflation of wheat and flour in the country rose to 9.59% in April from 7.77% in March. Government procurement of wheat has fallen by nearly 55% this year as the price of wheat in the open market is far higher than the MSP.


May 14 2022 5:17PM
Directorate General of Foreign Trade
Source: Punjab E News

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