India will still allow wheat exports to friendly countries and to those in need, but will not lift the ban for private suppliers, Indian Minister of Commerce and Industry Piyush Goyal said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 25th May, 2022) India will still allow wheat exports to friendly countries and to those in need, but will not lift the ban for private suppliers, Indian Minister of Commerce and Industry Piyush Goyal said on Wednesday.
"India wheat exports are less than 1% of world trade and our export regulation should not affect global markets. We continue to allow exports to vulnerable countries and neighbors," the minister said on Twitter, summing up his speech at the World Economic Forum annual summit in Davos.
India does not intend to lift the ban on wheat exports for private suppliers, as this will only benefit black market brokers and speculators and will not help vulnerable countries, the minister said in his speech.
On May 14, India imposed a ban on wheat exports due to a hike in global wheat prices, which could potentially hit food security domestically and in the region. Following the decision, the price of wheat in Europe jumped to a record $455 a tonne.
International Monetary Fund Chief Kristalina Georgieva on Tuesday urged India to reconsider the ban.
"I would beg India to reconsider (the wheat ban) as soon as possible, because the more countries step into export restrictions, the more others will be tempted to do so, and we will end up as global community less equipped to deal with this (food) crisis," the IMF chief said in an interview to the NDTV broadcaster at the WEF.
Indian wheat exports can play a huge global role, especially if the exports go to countries such as Egypt or Lebanon, which are facing higher risks of social unrest apart from the hunger risks, the official added.
Many wheat importing countries, including G7 member states, have asked India to reconsider its decision to ban wheat exports following Western sanctions on one of the biggest food supplier, Russia, and the disruptions with grain exports from conflict-torn Ukraine.
