To Curb Rising Prices, Narendra Modi Govt Clears Proposal To Restrict Export of Wheat Flour
This would allow restrictions on export of wheat flour, which would not only allow its prices to ease but also ensure food security for the vulnerable sections of society, official sources said. The Directorate General of Foreign Trade (DGFT) is expected to issue a notification regarding the decision, they said.
New Delhi, August 25: The Union Cabinet Committee on Economic Affairs (CCEA) on Thursday approved a proposal to restrict export of wheat flour or meslin flour to curb rising prices of the commodity.
This would allow restrictions on export of wheat flour, which would not only allow its prices to ease but also ensure food security for the vulnerable sections of society, official sources said. The Directorate General of Foreign Trade (DGFT) is expected to issue a notification regarding the decision, they said. The decision to restrict export of wheat flour comes in the wake of a significant rise in the commodity's demand globally after a ban on wheat exports had been imposed earlier this year in May.
Due to the Russia-Ukraine war, there have been disruptions in global wheat supply chain, which led to the increase in demand of Indian wheat. Both the warring nations are major exporters of wheat and account for one-fourth of the commodity's global trade. PM Narendra Modi Making Efforts To Topple Delhi Govt ‘By Hook or by Crook’, Alleges AAP; BJP Hits Back.
As a result of rising demand, domestic prices of wheat rose sharply, thus forcing the government to prohibit wheat exports in May. This, however, led to a rise in demand of wheat flour in foreign markets. Sources said that India registered a 200 per cent growth in export of wheat flour during the April-July 2022 period over the corresponding period of last year. Rising demand of wheat flour also resulted in a spike in its prices domestically, thus leading to the restriction on its export on Thursday.
(The above story first appeared on LatestLY on Aug 25, 2022 05:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).