India bans wheat exports to lower prices domestically

India bans wheat exports to lower prices domestically

India immediately banned wheat exports as part of measures to curb soaring domestic prices.

According to the government, only export cargo for which a letter of credit was issued prior to yesterday’s notice will be allowed.

In addition, the government will permit exports at the request of other countries, a notice issued by the Directorate General of Foreign Trade (DGFT) states.

According to the notice, the government has made a decision “to control the country’s overall food security and to support the needs of neighboring countries and other vulnerable countries.”

After Russia’s invasion of Ukraine in late February, exports from the Black Sea region have fallen, and global buyers have funded India, the world’s second-largest wheat-producing country after China.