Wheat Price Hike: The effect of the ban imposed on the export of wheat by the Government of India is now visible in the world markets. On Monday, wheat prices in the European market reached a record high. The price (which was already higher) rose to 435 euros ($453) (35,282.73 Indian rupees) per tonne as the European market opened in the wake of Russia's attack on major wheat exporter Ukraine.
Let us tell you that the G-7 countries have criticized the ban imposed on the export of wheat by the Government of India. Agriculture ministers of the Group of Seven Industrialized Countries condemned India's decision on Saturday (May 14). "If everyone starts exporting restrictions or closing markets, it will make the crisis worse," German Agriculture Minister Kem Ozdemir said in Stuttgart. "We call on India to assume its responsibility as a G20 member," he said.
Ministers of the G7 industrialized nations urged countries around the world not to take restrictive action that could put further pressure on produce markets. The agriculture minister will "recommend" addressing the topic at the G7 summit in Germany in June, which Prime Minister Narendra Modi has been invited to attend. The G-7 includes Britain, Canada, France, Germany, Italy, Japan, and the US.
India imposed a ban on wheat export
Let us tell you that India has banned the export of wheat with immediate effect as a measure to control the rising prices at the domestic level. However, the Directorate General of Foreign Trade (DGFT) said in a notification issued on May 13, "The export of consignments for which irrevocable letters of credit (LOCs) have been issued on or before the date of this notification will be permitted."
The DGFT also clarified that the export of wheat will be allowed based on permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments. Significantly, India is the second-largest producer of wheat in the world.
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