May 27, 2022

 

India has no immediate plans to ease ban on wheat exports

 

 

Piyush Goyal, India's Commerce Minister, said the country has no immediate plans to ease its ban on wheat exports, but would continue to do business with foreign nations directly, Reuters reported.

 

After a blistering heat wave hampered output and local prices reached a record high, the world's second largest producer of wheat banned private international sales of the crop on May 14. Wheat prices throughout the world have risen as a result.

 

Goyal said there is now insecurity in the world, so lifting the restriction will only benefit black marketeers, hoarders, and speculators, adding that it will not assist the world's most vulnerable and impoverished countries.

 

The minister said the smart way to do it is through the government to government channel, which allows us to deliver inexpensive wheat grain to the most vulnerable people.

 

Many wheat-importing countries, including G7 members, have urged India to rethink its decision to ban wheat exports. Tom Vilsack, the US Agriculture Secretary, expressed "grave worry" about the wheat ban.

 

Goyal also said that he is discussing with the World Trade Organization (WTO) and the International Monetary Fund (IMF) to clarify India's wheat export ban.

 

-      Reuters

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