May 18, 2022

MediaBizNet

Complete Australian News World

India, the second-largest producer of wheat, is banning exports amid concerns over food supplies

India, the second-largest producer of wheat, is banning exports amid concerns over food supplies

India, the second largest producer of wheat, has banned the export of this commodity due to risks to its food security.

A notice in the Government Gazette signed by Santosh Kumar Sarangi, Director General of Foreign Trade, said the “sudden rise” in world wheat prices puts India, neighboring countries and other vulnerable countries at risk.

A slight decrease in food prices was recorded in April: the United Nations agency

Export of wheat will be permitted in case of shipments for which an irrevocable Letter of Credit (ICLC) has been issued on or before the date of the notification and “on the basis of the permission granted by the Government of India to the other countries to meet their needs.” food security needs and at the request of their governments.”

File- A farmer carries a crop of wheat after harvest in Ganeshpur village, in Sonbhadra district of Uttar Pradesh, India, Sunday, April 11, 2021. (AP Photo/Rajesh Kumar Singh, File/AP Newsroom)

“The export policy of wheat against HS codes mentioned above is ‘prohibited’ with immediate effect except for shipments which meet the conditions mentioned in[Paragraph 2 above and which will be permitted pursuant to the procedure described in Paragraph 105(b) of the Foreign Trade Policy, 2015-2020,” the Director wrote[paragraph2abovewhichwillbeallowedaspertheprocedureoutlinedin2015baradewrotePara10][الفقرة2أعلاهوالتيسيسمحبهاوفقًاللإجراءالموضحفيالفقرة105(ب)منالتجارةالخارجيةالسياسة،2015-2020″،كتبالمدير[paragraph2abovewhichwillbeallowedaspertheprocedureoutlinedinPara105(b)oftheForeignTradePolicy2015-2020″thedirectorwrote

Although it is the world The second largest producer Of the wheat, India consumes most of the wheat it produces.

Get your FOX business on the go by clicking here

The nation had set a target of exporting 10 million tons from 2022 to 2023, much of which was to go to other developing countries such as Indonesia, the Philippines and Thailand.

READ  White House refers to a "dangerous logistical bottleneck" in plans to send planes to Ukraine

Wheat harvest in India suffered from standard temperature and her own Stores strained due to free grain distribution during COVID-19 pandemic.

A worker closes sacks full of wheat in India

FILE – A worker sacks bags filled with wheat in Gurdaspur, in the northern Indian state of Punjab, April 30, 2014. (AP Photo/Channi Anand, File/AP Newsroom)

Other countries are also grappling with poor harvests hampering their ability to help make up for shortfalls caused by the Russian war in Ukraine.

Before the invasion, Ukraine and Russia accounted for a third of world wheat and barley exports.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

Global wheat prices have risen more than 40% since the beginning of the year.

earlier this month, United nations’ The Food and Agriculture Organization (FAO) slightly lowered its forecast for the world wheat production in 2022 to 782 million tons, from 784 million last month.

The Associated Press contributed to this report.