NEW DELHI, May 16 — India has banned wheat exports, sending bushel prices to record highs and drawing criticism from the Group of Seven worried about protectionism as inflation soars in the wake of the Ukraine war.The world’s second-largest producer of wheat said that traders could only enter into new export deals with express government approval.
Some parts of India, Commerce Secretary BVR Subrahmanyam said on Sunday, have seen prices in wheat and flour jump 20 to 40 per cent in recent weeks. “We don’t want wheat to go in an unregulated manner where may either get hoarded and is not used for the purpose which we are hoping it will be used for—which is serving the food requirements of vulnerable nations and vulnerable people,” Subrahmanyam said.India recorded its warmest March on record — blamed on climate change — and in recent weeks has seen a scorching heatwave with temperatures upwards of 45 degrees Celsius.
Wheat prices surged to a new record high on Monday, jumping to €435 per tonne as the European market opened.India is a marginal player globally and produces mostly for domestic consumption, and almost half its exports last year went to Bangladesh.
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