India has no immediate plans to lift its ban on wheat exports, Union Commerce Minister Piyush Goyal told Reuters on Wednesday.
“Currently there is instability in the world...If we were to do that [lift the ban], it would only help black marketeers, hoarders and speculators,” Goyal said. He added that lifting the ban would not help the poor countries.
India had banned wheat exports on May 13 as production in the country plunged due to a record-breaking heatwave since March. Within days, wheat prices rose globally on fears of disruption in supply due to Russia’s invasion of Ukraine, which had accounted for 12% of global exports. India had said it was ready to help meet the supply shortages caused by the Ukraine war.
Goyal’s comments came a day after International Monetary Fund chief Kristalina Georgieva requested India to reconsider its ban on wheat exports. Georgieva said that the ban could have a domino effect with other countries following suit.
On May 14, agriculture ministers from the Group of Seven, or G7 countries, had condemned India’s move to ban wheat exports.
Before the Russian forces invaded Ukraine on February 24, India only accounted for 1% of global exports. After the crisis, India was looking to export a record one crore tonnes of wheat in 2022-2023.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!