Price rise: After banning wheat outgo, India to restrict wheat flour’s export also
New Delhi: After banning wheat export three months ago, India on Thursday decided to restrict the export of wheat flour also to curb rising prices of this key commodity in the country.
The Centre took this decision after a Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Narendra Modi here.
An official statement said that the fresh decision would ensure food security in the most vulnerable sections of society.
The Directorate General of Foreign Trade (DGFT) will issue a notification to this effect.
Russia and Ukraine are the major exporters of wheat, accounting for around one-fourth of the global wheat trade. Since February this year, the war between the two countries has disrupted global wheat supply chains, thus increasing the demand for Indian wheat.
As a result, the price of wheat in the domestic market increased. To ensure the country’s food security, the government prohibited wheat export in May, which led to increased overseas demand for wheat flour.
Wheat flour exports from India registered a growth of 200 percent during the April-July 2022 period compared to the corresponding period in 2021.
The increased demand for wheat flour in the international market led to a significant price rise of the commodity in the domestic market.
(VP)
