As per a Reuters report, a senior government official told reporters in New Delhi, "We don't want wheat trade to happen in an unregulated manner or hoarding to happen."
The ministry of commerce and industry secretary in a press conference said that estimated production changed in a month and many other nations saw crop failure.
As per the report, global buyers were banking on supplies from the world's second-biggest wheat producer after exports from the Black Sea region plunged following Russia's invasion of Ukraine on February 24.
Before the ban, India estimated to ship a record 10 million tonnes of wheat this year compared to 7 million tonnes (MT) of wheat it managed to export during 2021-22.
The ministry of commerce and industry today said that a sudden spike in the global prices of wheat arose out of many factors, as a result of which the food security of India, neighbouring and other vulnerable countries is at risk.
The union government banned wheat exports with immediate effect stating that a sudden spike in prices of wheat has sparked food security concerns in India and neighbouring countries. In some regions of the country, wheat prices have skyrocketed by almost 40%.
However, the government has also lowered its wheat production estimates by 5.7% to 105 million tonnes from the projected 111.32 MT for the crop year ending June - due to the early onset of summer and heatwaves.
