India helping World to ease global shortages
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India helping World to ease global shortages”
As world is experiencing shortage of food grains and other agricultural commodities due to pandemic and latest harsh situation of Russia-Ukraine war, world is concerned more than ever about food shortages and rising inflation. But India’s warehouses are full more than capacity over with grain as the country’s farmers are pitching up for yet another record harvest.
India’s position in producing grains:
India topped the global producer table of wheat after China. India has the capacity to export 12 million tons to the world market in the 2022-23 year which would be the most on record, according to the Bloomberg survey.
The prices of agricultural commodities are going up as the Russian invasion of Ukraine which shrank global harvesting and demand increased. The war made matters even worse because it has strangled shipments from one of the planet’s top producing regions.
Benchmark wheat prices in Chicago surged to an all-time high of $13.635 a bushel this month after the Russian invasion, compared with an average of only around $5.50 a bushel in the five years through the day preceding the attack.
Reasons for the competitive rate of India:
Reducing supply and rising prices for grain from major exporting countries have created Indian wheat competitive for the first time in years.
With inflating inventories after five straight record crops, India has a huge supply of grains to the world as surplus.
It will be significant for importers in North Africa and the Middle East where sailing food prices triggered violent uprisings more than a decade ago.
While India has inclined to ship wheat mostly to neighboring countries such as Bangladesh and to some Middle Eastern markets, exporters are now trying to find buyers across Africa and regions from Middle Eastern region.
Government run warehouses stock more than 23 million tons of wheat at the beginning of March which is about thrice the level required by the government for this time of year.
Question & Answer:
Q1. What is the rank of India in production of wheat in the world?
Q2. What is the main reason behind shortages of food grains in the world?
Ans. Russia-Ukraine war
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