India bans wheat exports after new low output estimate
Just a day after its data showed annual consumer price inflation hitting a near eight-year-high of 7.79 per cent in April and retail food inflation surging even higher to 8.38 per cent, the Narendra Modi government has banned export of all wheat from the country.
Export of all wheat, including high-protein durum and normal soft bread varieties, have been moved from “free” to the “prohibited” category with effect from May 13.
Two kinds of shipments will henceforth be 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 under transitional arrangements, where irrevocable letters of credit have been issued “on or before the date of this notification, subject to submission of documentary evidence as prescribed,” a late Friday department of commerce notification…
