The federal government’s determination to ban wheat exports will assist in crushing makes an attempt by sure overseas gamers to hoard Indian wheat for worth manipulation in international markets, in response to sources.
With this transfer, they stated, India desires to make sure honest and correct use of its wheat shares to deal with international wants, significantly of essentially the most needy international locations.
“The ban will crush makes an attempt to hoard Indian wheat for worth manipulation. It is going to additionally counter meals inflation,” a supply stated.
In response to trade sources, Chinese language merchants have been attempting to govern the worldwide market.
Indian wheat will now go to the needy international locations, they famous.
India has banned wheat exports with quick impact as a part of measures to manage rising home costs, in response to an official notification.
Nevertheless, the export shipments for which irrevocable letters of credit score (LoC) have been issued on or earlier than the date of this notification will likely be allowed, the Directorate Common of International Commerce (DGFT) stated in a notification dated Might 13.
It additionally clarified that wheat exports will likely be allowed on the premise of permission granted by the federal government to different international locations to satisfy their meals safety wants and primarily based on the request of their governments.
(Aside from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)