India’s Commerce Minister PVR Subramaniam told reporters that the government will also allow private companies to fulfill their previous commitments to export nearly 4.3 million tons of wheat until next July.
It is noteworthy that last April, India exported about one million tons of wheat, according to the Associated Press.
India mainly exports wheat to neighboring countries such as Bangladesh, Nepal and Sri Lanka.
A notice issued by the Indian External Trade Directorate, through the Official Gazette on Friday, stated that the rise in world wheat prices threatens the food security of India and neighboring and vulnerable countries.
One of the main objectives of export restrictions is to control the rise in domestic prices.
International wheat prices have risen more than 40 percent since the beginning of the year.
Before the start of the Russian special military operation in Ukraine, Kyiv and Moscow accounted for a third of global wheat and barley exports.
Since the last war in Ukraine on February 24, Ukraine’s ports have been closed and civilian infrastructure and granaries destroyed.
Meanwhile, India’s wheat crop has been hit by a record heat wave.