Wheat Price in India: After petrol-diesel and edible oil in India, the prices of wheat are being hit by inflation. There is a rise in the prices of flour and flour products across the country. The effect of increase in wheat prices is being seen on the people of the country. In view of this, the government has taken a big decision. To control the rising prices domestically in India, the export of wheat has been banned with immediate effect.
Soon there will be relief in prices
Let us tell you that due to this step of the government, there will be relief in prices. Along with this, soon the prices of flour will also come down. This information has been received from the official notification. However, the Directorate General of Foreign Trade (DGFT) said, “The export of consignments for which LoCs have been issued on or before the date of this notification will be allowed.”
DGFT said that the export policy of wheat is banned with immediate effect… It stated that on the basis of permission granted by the Government of India to other countries to meet their food security needs and on the basis of the request of their governments. But the export of wheat will be allowed.
This decision was also taken for onion prices
In a separate notification, the DGFT announced easing of export conditions for onion seeds. DGFT said, “The export policy of onion seeds is kept under limited category with immediate effect.” Earlier the export of onion seeds was restricted.
Inflation at 8-year record level
Let us tell you that official data released this week shows that retail inflation reached an eight-year high in April due to higher fuel and food prices. Wheat supply has been affected due to the war between Russia and Ukraine. Both the countries were major exporters of wheat.
effect of wheat export
Due to global demand, India’s wheat exports have increased to 7 million tonnes i.e. US$ 2.05 billion in 2021-22. According to DGFT data, out of the total wheat exports in the last financial year, about 50 per cent of the consignment was sent to Bangladesh. The country exported around 9,63,000 tonnes of wheat this year as against 1,30,000 tonnes in the same period last year.
Expected to export 10 million tonnes of wheat
India was expected to export 10 million tonnes of wheat in 2022-23. The commerce ministry had recently said that India would send business delegations to nine countries—Morocco, Tunisia, Indonesia, Philippines, Thailand, Vietnam, Turkey, Algeria and Lebanon—to explore possibilities of boosting wheat export consignments.