India Imposed Restrictions on Export of Wheat

India Imposed Restrictions on Export of Wheat

In order to control the rising domestic commodity prices in India, the government has banned the export of wheat with immediate effect. The central government had issued this notification on Friday itself.

India is the second largest country in the world in the production of wheat and at present the people of India are facing a huge amount of inflation, that is why the Government of India has taken this step, so that people do not have to face any more trouble.

The Government of India says that at present only those shipments are allowed to export wheat, which were issued Letter of Credit on or before May 13.

The ongoing war between Russia and Ukraine has led to a rise in wheat prices internationally. Wheat is being sold in international markets at 40 percent more than the normal price, so due to increase in demand in India, the prices of wheat and flour have increased.

The price of flour has increased by about 13 per cent as compared to last year.