Sunday, December 10, 2023

India bans wheat export; move to ensure enough stock for domestic consumption

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The central government on Friday put an embargo on the export of wheat with “immediate effect”. The Centre has amended the export policy of wheat by placing it under the ‘prohibited’ category. The order was rolled out by the Ministry of Commerce during the late-night hours of Friday. The government said that the move is aimed at ensuring the overall food security of the nation and of neighbouring, and other vulnerable countries.

The notification by the Ministry of Commerce read, “There is a sudden spike in the global prices of wheat arising out of many factors, as a result of which the food security of India, neighbouring and other vulnerable countries is at risk.” However, the export of shipments will be allowed in cases where an irrevocable letter of credit has been issued on or prior to the date of notification.

Till the time the order is in place, wheat export will only be allowed on the basis of permission granted by the government of India to other countries to meet their food security needs, based on the request by the respective governments of such countries.

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