Sunday, May 29th, 2022

Government’s big decision: Ban imposed on export of wheat, step taken amid ever-increasing prices


Business Desk, Amar Ujala, New Delhi

Published by: Deepak Chaturvedi
Updated Sat, 14 May 2022 10:15 AM IST

Summary

Amidst the rising prices of wheat, the central government has taken an increased decision. On Saturday, the government banned the export of wheat with immediate effect.


Wheat crop soaked in the fields
– photo : dialogue

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Expansion

Amidst the rising prices of wheat, the central government has taken an increased decision. On Saturday, the government banned the export of wheat with immediate effect. Wheat has been kept in the restricted category. It has been said by the government that this step has been taken in view of the food security of the country. At the same time, it was necessary to do this to support neighboring countries and poor countries. Meanwhile, let us tell you that the countries which have already been allowed to export it, will continue to export it.

The Directorate General of Foreign Trade (DGFT) has said in a notification issued on May 13 that export of consignments for which irrevocable letters of credit (LoCs) have been issued on or before the date of this notification will be allowed. It is worth noting that due to the ongoing war between Russia and Ukraine, wheat prices have increased strongly all over the world. Domestic wheat prices have also increased in India. In many major states, the process of government procurement is going on very slow and wheat has been procured much less than the target. The reason for this is that farmers are getting more price in the market than the Minimum Support Price (MSP).

Explain that due to the Russia-Ukraine war, the price of wheat in the international markets has increased by more than 40 percent, due to which the export of wheat has increased. Accordingly, the prices of wheat and wheat flour are also touching the sky amid increasing demand at the domestic level. According to a report, the price of flour has increased by about 13 percent so far as compared to last year. Along with banning the export of wheat with immediate effect, DGFT informed in another notification that the export policy of onion seeds has also been changed and it has been kept under limited category with immediate effect. Let us inform here that earlier the export of onion seeds was also in the restricted category.



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