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India bans wheat exports with immediate effect

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NEW DELHI – India has banned wheat exports with instant impact because it seeks to bolster its meals safety.

The Directorate General of Foreign Trade (DGFT) underneath the Commerce Ministry in a notification dated May 13 mentioned because of excessive international costs “arising out of many factors”, India’s meals safety was in danger.

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However, it clarified that wheat exports might be allowed “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.”

The export ban comes because the Russia-Ukraine battle has disrupted international provides of wheat and different key commodities.

It runs counter to India’s hope of boosting wheat exports this 12 months by cashing in on the tight world provide state of affairs.

The Indian Commerce Ministry mentioned in a press release on Thursday that the federal government will ship commerce delegations to Morocco, Tunisia, Indonesia, Philippines, Thailand, Vietnam, Turkey, Algeria and Lebanon for exploring prospects of boosting wheat exports from India.

India exported 7 million tonnes of wheat valued about US$2 billion in its 2021-22 monetary 12 months and half of it was purchased by Bangladesh, in line with the ministry.

As per latest media studies, India’s wheat manufacturing this 12 months has suffered because of a warmth wave.

The nation can be confronted with rising meals inflation because of greater international commodity costs.

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