G-7 criticized India's decision, Germany's Agriculture Minister said - this will deepen the crisis. G-7 criticized India's Wheat export ban decision, Germany's Agriculture Minister said - this will deepen the crisis | NewsBust G-7 criticized India's decision, Germany's Agriculture Minister said - this will deepen the crisis. G-7 criticized India's Wheat export ban decision, Germany's Agriculture Minister said - this will deepen the crisis | NewsBust

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G-7 criticized India’s decision, Germany’s Agriculture Minister said – this will deepen the crisis. G-7 criticized India’s Wheat export ban decision, Germany’s Agriculture Minister said – this will deepen the crisis

By Amit - May 15, 2022

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  • G 7 Criticized India’s Wheat Export Ban Decision, Germany’s Agriculture Minister Said This Will Deepen The Crisis

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Amidst the Russia-Ukraine war, the ban on India’s wheat export has created a stir around the world. The group of G-7 countries has criticized this decision of the Indian government. Germany’s Agriculture Minister Kem Ozdemir has said that India’s move will worsen the global commodity price crisis. The issue will be taken up at the G-7 summit in Germany next month. Prime Minister of India Narendra Modi will also participate in this conference.

Both Russia and Ukraine are big exporters of wheat and supply concerns after Russia’s invasion of Ukraine in February have pushed up global wheat prices. Wheat prices have increased by 60% in the international market. India ranks second in the world in terms of wheat production. About 107.59 million tonnes of wheat is produced here annually. A major part of this goes to domestic consumption. The major wheat producing states in India are Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Rajasthan, Bihar and Gujarat.

Why did India ban wheat exports?
There are two main reasons for banning wheat export. First- Government procurement of wheat has come down. Second- The wheat crop has been affected due to the weather, due to which the yield has decreased. In such a situation, there was a apprehension in front of the country that in the coming time, the wheat stocks might not be empty. The government has also made it clear that companies-firms which have received Letter of Credit (LOC) till May 13 will be able to export.

However, it has not been told how many companies had got LOCs till May 13. The government notification said that due to several reasons there has been a jump in the prices of wheat in the world. This has posed a risk to the food security of neighboring countries including India. Keeping this in mind, it has been decided to ban exports.

On 15th last month, Union Commerce Minister Piyush Goyal had said that wheat exports will cross 100 lakh tonnes in 2022-23. But, now due to the change in the stand of the government, some farmer organizations have protested. He says that with this decision the price of wheat will come down, due to which the farmers will suffer. However, some organizations say that due to this the common people will get wheat at a reasonable price.

What would have happened if exports were not banned?
If the government had not banned exports, then a situation like 2006-07 could have arisen. At that time we had to import wheat. That too at almost one and a half times more cost. If the ban had not been imposed, the price of wheat in India could have jumped up to Rs 3000 per quintal, which is now Rs 2300. is close to. You think that there is no shortage of wheat in the country, yet the prices have increased. What would have happened if there was a shortage later?

Government should name the companies
Economic expert Anshuman Tiwari said that the government has, of course, banned the export of wheat, saying that the prices should be stopped. But, the government should also make public which companies have been issued letters of credit. So that there is no apprehension in anyone’s mind that only a few selected companies will export. Its list is available with the Directorate General of Trade.

There is more news…

Amit

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