The government said in a notification dated May 13 it will suspend overseas sales to manage its food security. This drew criticism from the agriculture ministers of the Group of Seven nations, who said that such measures make the world’s crisis worse.
"If this ban occurred in a normal year the impact would be minimal, but the loss of Ukraine volumes exacerbate the issues,” said Andrew Whitelaw, a grains analyst at Melbourne-based Thomas Elder Markets. India prioritized the domestic market, even as the move risks tarnishing its international image as a reliable supplier. Prime Minister Narendra Modi faces frustration on home soil about surging inflation, an issue that brought down the previous government and paved the way for his ascension to power.
"Directing the wheat exports through government channels would not only ensure fulfilling the genuine needs of our neighbours and food-deficit countries, but also control inflationary expectations,” India’s food ministry said in a statement. It added that the country has adequate food stocks.
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