India prohibits wheat exports citing food security factor

The Indian ban will lift global wheat prices since there is no big supplier in the market other than India.

India prohibits wheat exports citing food security factor
Photo by Tomasz Filipek / Unsplash

India has decided to ban the export of wheat from the country, in view of the sudden spike in the global prices of wheat arising out of many factors including a scorching heat wave which has curtailed output and caused domestic prices to soar to an all-time high.

Wheat prices in the country have risen to as high as INR 25,000 (US$320) per ton, compared to the government fixed minimum support price of INR 20,150 (US$260)