India’s wheat export rules will not affect global markets, India’s commerce and industry minister Piyush Goyal recently claimed. wheat export It contributes less than 1 percent to world trade. India was banned earlier this month wheat export Cereal production was hit after an unprecedented heat wave, and prices in the domestic sector hit record highs. According to reports, since the ban, the concerned countries have been requesting for the decision to be lifted.
However, the country’s minister Piyush Goyal denied that the wheat export ban would affect global trade. ,india wheat export are less than 1% of world trade and our export regulation should not affect global markets. We continue to allow exports to vulnerable countries and neighbours, ”said the minister at the annual meeting of Davos.
India’s wheat exports account for less than 1% of world trade and our export regulation should not affect global markets. We continue to allow exports to vulnerable countries and neighbours. pic.twitter.com/N61929BNt5
— Piyush Goyal (@PiyushGoyal) 25 May 2022
India bans wheat exports: Who will be affected?
Among wheat exporting countries, India ranked 19th in 2020, 35th in 2019, 36th in 2018, 36th in 2017, 37th in 2016, indicating that India’s share is negligible (0.47 percent), while Russia, There are seven countries including America. Canada and France accounted for the largest share of the total amount of wheat exports over the past five years. A dialogue-based approach rather than conflict could have prevented the removal of nearly a quarter of wheat exports from Russia and Ukraine.
Nevertheless, after the conflict between Russia and Ukraine Beginning on February 24 this year, India has exported wheat worth $177 million and $473 million respectively in March and April this year, facing challenges of low wheat production as a result of extreme heat wave in the northern part of the country. Despite doing. Shrinked grain and resultant decline in yield per acre.
The Directorate General of Foreign Trade (DGDT), in a notification on May 13, said the wheat export ban was imposed due to the sudden rise in the price of food grains in the global market, and was exercised as part of measures to control it. increase in domestic prices. In the order, the government also said that the wheat export ban was implemented to ensure overall food security. However, this will not apply in cases where prior commitments have been made by private business through letters of credit, where other countries are allowed by the government to meet their food security needs.
Even as the wheat export ban aims to manage the overall food security situation in India and support the needs of neighboring and vulnerable countries, several countries have called for the move. International Monetary Fund (IMF) chief Kristalina Georgieva has urged India to reconsider saying that the nation can play an important role in global food security.
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