Business

Wheat Export Ban: Wheat crisis deepens across the world after India’s ban, skyrocketing prices in global market

Photo:PIXABAY

Wheat Export Ban

Highlights

  • Wheat prices reached a new record level on Monday after the decision of the Government of India.
  • The price rose to 435 euros ($453) per ton as the European markets opened
  • India on Saturday said it is imposing restrictions on exports

Wheat Export Ban : Ukraine Russia Crisis India’s decision to ban wheat exports has created a serious wheat crisis across the world. After the decision of the Government of India, the prices of wheat reached a new record level on Monday. The price rose to 435 euros ($453) a tonne as European markets opened. India, the world’s second largest wheat producer, said on Saturday it was imposing export restrictions.

There has been a global wheat shortage since Russia’s invasion of Ukraine in February. Ukraine and Russia supply 12 percent of the world’s wheat. But due to the war, the supply is stopped from here. After which the eyes of the world were fixed on India. Fertilizer shortages and poor harvests have now increased the risk of global inflation and increased fears of famine and social unrest in poor countries.

India cares for its people

Banning wheat, India has said that given the low production and rapidly rising global prices, we are concerned about the food security of our 1.4 billion people. Export deals agreed before the May 13 directive can still be continued but future deals will require government approval.

India had given assurance of help

India, which has major buffer stocks, had earlier said it was ready to help Ukraine meet some of the supply shortfalls caused by the war. India’s ban on exports has drawn sharp criticism from the Group of Seven industrialized nations.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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