India decides to ban wheat exports
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<strong>Amid rising concerns over food security, India&rsquo;s sudden decision to ban wheat exports have further pushed global prices of the grain. India&rsquo;s decision to impose a ban was driven by its own domestic supply issues and rising prices.</strong></p>
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Global wheat prices have increased by more than 40 per cent this year, driven by the Russia-Ukraine war.</p>
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While India&rsquo;s decision to ban wheat exports has been criticised by the G7 nations, China has come up in New Delhi&rsquo;s support.</p>
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Beijing based state owned news organisation Global Times said that blaming India will not solve the food problem.</p>
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&quot;Now, the agriculture ministers from G7 urge India not to ban wheat exports, then why won&#39;t G7 nations themselves move to stabilise food market supply by hiking their exports?&quot; an editorial published by the newspaper asked.</p>
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&quot;Although India is the second-largest wheat producer in the world, it accounts for only a small part of global wheat exports. By contrast, some developed economies, including the US, Canada, the EU and Australia, are among major exporters of wheat,&quot; it added.</p>
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While India banned exports of wheat, it said it will honour the letters of credit that have been already issued and requests from countries trying &quot;to meet their food security needs&quot;.</p>
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India exported a record 7.85 million tonnes of wheat in 2021-22. The government earlier said that the exporters were ready to increase their supplies amid rising concerns over food security as the Russia-Ukraine crisis deepens. In April, India exported 1.4 million tonnes of the grain and contracts for outbound shipment of another 1.5 million tonnes for May have already been signed.</p>
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The Russia-Ukraine war has choked vital supply chains globally.</p>
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Almost 70 per cent of wheat is used as food, while the rest is used as feed for livestock and industrial processing.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/world-news/will-the-russia-ukraine-war-trigger-mass-hunger-on-a-global-scale-168144.html">Will the Russia-Ukraine war trigger mass hunger on a global scale?</a></strong></p>
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<strong><a href="https://www.indianarrative.com/economy-news/global-food-prices-skyrocket-amid-ukraine-russia-conflict-163490.html">Global food prices skyrocket amid Ukraine-Russia conflict</a></strong></p>
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