Tuesday, July 5, 2022

G7 is not happy with India’s wheat export ban

After India banned wheat exports, G7 nations condemned India’s decision as German agriculture minister Cem Ozdemir said it “would worsen the crisis.”
Indian officials had earlier said the wheat ban was implemented due to unregulated exports, which had led to an increase in prices. Wheat exports have plunged amid the Ukraine war as Kyiv, being a principal wheat producer, was no longer able to keep up its production. German Chancellor Olaf Scholz told President Vladimir Putin that Russia was responsible for the disruption in the global food supply. Scholz added that Russia “bears a particular responsibility” for food shortages.
Meanwhile, the German agriculture minister, Cem Ozdemir, while commenting on India’s decision to ban wheat exports, said: “If everyone starts to impose export restrictions or to close markets, that would worsen the crisis.”
“We call on India to assume its responsibility as a G20 member,” Ozdemir added. The minister added the issue will be addressed during the G7 summit in Germany next month when India’s Prime Minister Narendra Modi will attend the summit.
“The ban on exports affects countries like Bangladesh and Nepal, which urgently need it. We also recommend that a concrete decision be taken on this issue at the G7 meeting of heads of state and government to which India will be invited,” Ozdemir said.
The Indian government has, however, said that it will allow exports to countries that request supplies to meet their “food security needs,” as reports claim wheat prices in India have risen to record highs in some markets. Rising fuel, labor, and transportation costs have further boosted wheat prices in India.
India had exported 7 million tonnes of wheat in the fiscal year ending March, which was up over 250 per cent from the previous year. Last month, the country exported 1.4 million tonnes of wheat.

SourceAGENCIES

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