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LATEST NEWS UPDATES | A ban on wheat exports was the country’s least damaging option -Indira Rajaraman

A ban on wheat exports was the country’s least damaging option -Indira Rajaraman

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published Published on Jun 3, 2022   modified Modified on Jun 3, 2022

-Livemint.com

India’s wheat export proscription was the first signal of awareness that moves on many fronts are needed for inflation control

The Indian export ban on wheat in mid-May drew much negative attention. For the record, it is a ban on private sector wheat exports, and leaves open government-to-government contracts. The widespread criticism of the ban was misplaced in my opinion.

Private wheat traders had responded exuberantly to the global demand for wheat following the war in Ukraine. That unpredicted benefit (for India) was countered by the equally unexpected heat wave in April, which scorched the crop in many areas. The pre-heat wave expectation of our wheat harvest was 111 million tonnes. By the third advance estimate released on 19 May, it was lowered to 106 million tonnes, a mere 4.6% below. Even such a reduction became a threat to domestic procurement in the context of the export upsurge.

The wheat procurement season was extended to 31 May in some states and 16 June in others, so as to catch the release of farmers’ wheat stocks held in anticipation of higher prices in future triggered by the export upsurge.

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Livemint.com, 3 June, 2022, https://www.livemint.com/opinion/online-views/a-ban-on-wheat-exports-was-the-country-s-least-damaging-option-11654186809266.html


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