Report Wire - India bans export of wheat with rapid impact

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India bans export of wheat with rapid impact

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India bans export of wheat with immediate effect

A day after its knowledge confirmed annual Consumer Price Inflation hitting a close to eight-year-high of seven.79 per cent in April, and retail meals inflation surging even larger to eight.38 per cent, the Narendra Modi authorities has banned export of all wheat from the nation.

Export of all wheat, together with high-protein durum and regular smooth bread varieties, have been moved from “free” to the “prohibited” class with impact from May 13.

Only two sorts of shipments shall be henceforth allowed. The first is “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 second is exports beneath transitional preparations, “where irrevocable letter of credit has been issued on or before the date of this notification, subject to submission of documentary evidence as prescribed,” a division of commerce notification stated.

Why has wheat procurement fallen? Read our explainer to search out out.