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India bans wheat export as food inflation surges

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  • Centre cites food security risk amid rising high inflation rates

 

New Delhi: In the wake of high retail inflation, the Centre has banned wheat export with immediate effect. The decision was announced a day after the retail inflation surged to an eight-year high of 7.79 per cent.

The retail food inflation was even higher at 8.38 per cent. In view of the high inflation, the government has decided to ban all wheat exports, barring two kinds. As per a notification by the department of commerce on Friday night, exports will continue on the basis of permission granted by the government to other countries to meet their food security needs and based on the request by their governments.

The second kind is the exports “where irrevocable letter of credit has been issued on or before the date of this notification, subject to submission of documentary evidence as prescribed”.

India is the second largest wheat producer of the world after China. When the Ukraine-Russia war triggered global food crisis, PM Narendra Modi had said India could help with food supplies.

The fresh inflation figures have, however, thrown a spanner in the works.

 

 

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