Wheat exports banned by India
Government of India has issued a notification in which it is ordered that India is banning wheat exports with immediate effect. This immediate action is taken as the world’s second-largest wheat producer attempts to stabilize domestic prices.
However, it is also clarified that wheat exports will be permitted on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
Reason behind prohibition on wheat exports:
- Following a nearly 40% rise in global rates amid the Russia-Ukraine crisis. And also as India worked up exports, wheat and cereal prices grew in India.
- India is estimated to face a shortfall of the cereal in the months ahead as produce in the rabi season is estimated to be below estimates.
Production linked reason:
- Industry stakeholders pointed out that the supply of the produce may further hurt in the months ahead due to yield loses in states like Punjab and Haryana, the top producers of the grain in the country.
- Wholesale wheat inflation mounted to 14.0 percent in March which is the highest in 63 months. The last time wholesale wheat inflation was higher was in December 2016.
- March experienced the highest temperatures on record since 1901, shrinking India’s wheat crop during a critical growing period. This has resulted to estimates that yields have fallen by 10% to 50% this season.
Supply side reasons:
- Companies also showed that they might hike the price of their productsgiven the stress on margins.
- Global buyers were depending on India for wheat supplies after exports from the Black Sea region plunged since Russia invaded Ukraine in late February.
- India exported a record 7 million tonnes of the grain in fiscal 2021-22. India’s exports of the grain have soared up since Russia invaded Ukraine in late February.
- The country exported a record 1.4 million tonnes of wheat in April, as buyers struggle for alternatives to Black Sea supplies hit hard by the war in Ukraine.
Question & Answer:
Q1. Which country recently prohibits wheat exports due to low availability on it?
Q2. How much wheat exported by India in April 2022?
Ans. 1.4 million tonnes
Q3. Which sea route is in trouble due to Russia-Ukraine crisis?
Ans. Black sea region
Question & Answer:
Q1. India’s retail inflation soared up to what percent in April?
Q2. Retail inflation in April 2022 is highest since which period of time?
Ans. In last 8 years
Q3. What is the rate of inflation in category of ‘fuel and light’?
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