Big decision taken amid rising prices, central government banned the export of wheat
Taking a big decision, the Modi government has put a conditional ban on the export of wheat. This decision has been taken in view of the rising prices of wheat in the domestic market. However, wheat exports will continue with certain conditions.
The government’s decision will not apply to already contracted exports. Notification has also been issued by the government. “The food security of India, neighboring countries and other vulnerable countries is at risk,” the notification said.
The central government said the move is aimed at meeting the country’s overall food security and meeting the needs of neighboring and vulnerable countries. The notification states that the Indian government is committed to meeting the food security needs of neighboring and other vulnerable developing countries. Which is adversely affected by sudden changes in the global wheat market and there is not enough supply of wheat.
The government further said that there has been a sudden rise in the prices of wheat globally. As a result, food security is at stake in India, neighboring countries and other developing countries. The international price of wheat has increased by almost 40 percent due to the ongoing war between Russia and Ukraine. Due to which exports from India have increased. The increase in demand has led to a sharp jump in the prices of wheat and flour at the local level.
It is worth noting that the MSP of wheat is Rs 2,015 per quintal. The country’s wheat and flour retail inflation rose to 9.59 per cent in April, from 7.77 per cent in March. Government procurement of wheat has declined by about 55 per cent this year as the price of wheat in the open market is much higher than the MSP.