The Indian government has approved measures to limit exports of wheat flour to calm prices on the local market, Agerpres reported with reference to Reuters.
In May, authorities in New Delhi banned wheat exports due to a drop in production due to intense heat. In July, India asked traders to obtain permission before exporting wheat flour.
A ban on wheat exports has boosted demand for India’s wheat flour, with the country’s exports rising 200% annually between April and July 2022, pushing up domestic prices, the government said.
The domestic price of wheat rose to a record high of 24,500 rupees ($306.71) per tonne this week. This is an increase of almost 20% after the low level recorded after the Indian government’s decision on May 14 to ban wheat exports.
India is the world’s second largest producer of wheat.
Source: Hot News RO
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