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The choice of the Cupboard “will now permit to place a restriction on the export of Wheat Flour which is able to guarantee a curb on rising costs of wheat flour and guarantee meals safety of probably the most susceptible sections of the society,” an official assertion by the Ministry of Commerce & Trade stated.
Russia and Ukraine are the foremost exporters of wheat, accounting for round one-fourth of the worldwide wheat commerce. The warfare between the 2 international locations has led to international wheat provide chain disruptions, thus rising the demand for Indian wheat. Consequently, the worth of wheat within the home market has elevated.
Wheat flour exports from India have grown 200% throughout April-July 2022 in comparison with the corresponding interval in 2021. The elevated demand for wheat flour within the worldwide market led to important worth rise of the commodity within the home market.
So as to guarantee meals safety of the nation, the federal government put a prohibition on export of wheat in Might. Nonetheless, this precipitated a bounce in abroad demand for wheat flour.
“Earlier, there was a coverage to not prohibit or put any restrictions on the export of Wheat flour. Due to this fact, a partial modification of the coverage was required by withdrawing the exemption from ban/ restrictions on export for wheat flour so as to guarantee meals safety and put a verify on mounting costs of wheat flour within the nation,” the assertion added.
The choice was taken at a gathering of the Cupboard Committee on Financial Affairs (CCEA), chaired by Prime Minister Narendra Modi.
The Directorate Normal of Overseas Commerce (DGFT) will problem a notification to this impact.
