India has banned wheat export with immediate effect
The government said that the food security of India, neighbouring and other vulnerable countries was at risk due to the sudden spike in wheat prices
- Last Updated:May 14, 2022, 09:52 IST
- FOLLOW US ON:
India has put a ban on the export of wheat with immediate effect, the ministry of commerce said in a notification in a late Friday night notification. The Directorate General of Foreign Trade (DGDT) in the notification dated May 13 has said that the wheat export ban was imposed due to a sudden rise in the price of the food grain in the global market, and was exercised as part of measures to control rising domestic prices. In the order, the government also said the wheat export ban was put into effect to ensure overall food security.
However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the DGFT said in its notification. “Exports 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 governments.”
“There is a sudden spike in the global prices of wheat arising out of many factors, as a result of which the food security of India, neighbouring and other vulnerable countries is at risk,” the DGFT said in the notification. “The government of India is committed to providing for the food security requirements of India, neighbouring and other vulnerable developing countries which are adversely affected by the sudden changes in the global market for wheat and are unable to access adequate wheat supplies,” the order further said.
The notification from the DGFT, who works under the commerce ministry, also said that in order to manage the overall food security of the country and to support the needs of the neighbouring and other vulnerable countries, the government was taking the measure to ban wheat export from India.
The order was issued a day after India said it will send trade delegations to nine countries including Morocco, Tunisia, and Indonesia to explore possibilities of boosting wheat shipments as it targetted to export 10 million tonnes of the grain in 2022-23.
Read all the Latest News , Breaking News and IPL 2022 Live Updates here.
For all the latest business News Click Here
