Asserting that it was never a traditional player in the international wheat market, India said it will continue to allow wheat export for countries that are vulnerable, friendly
According to sources, India exported wheat even at a time when about eight nations, including Ukraine, Belarus, Turkey, Egypt, Kazakhstan and Kuwait, had imposed wheat export restrictions
Announcement comes days after DGFT banned all wheat exports to bolster falling stocks and manage food security; govt also allows wheat already being loaded at Kandla to head to Egypt
The price, which was already high in the wake of Russia's invasion of major wheat exporter Ukraine, jumped to €435 ($453) per tonne as the European market opened
India's ban on wheat exports has delivered a fresh blow to world markets already reeling from tight supplies due to output issues in traditional export powerhouses
Benchmark futures in Chicago rose as much as 5.9% to $12.475 a bushel, the highest in two months and within about $1 of the all-time high set just after Russia's invasion
Farmers' unions in Punjab on Monday dubbed the Centre's decision of banning wheat exports as an "anti-farmer" move, saying that the Union government is not letting them reap the gains