Exclusive: India Has No Immediate Plan to Lift Wheat Export Ban, Says Commerce Minister

By Aditya Kalra

DAVOS, Switzerland – India has no immediate plans to lift its ban on wheat exports but will continue to engage in agreements made directly with other governments, according to Commerce Minister Piyush Goyal.

The country, which is the second-largest producer of wheat globally, imposed a ban on private overseas sales of wheat on May 14 after a severe heatwave affected production and domestic prices soared to record levels. This decision led to a spike in global wheat prices.

Goyal emphasized that the current global instability makes it unwise to lift the ban, stating that doing so would primarily benefit black marketeers, hoarders, and speculators rather than truly assist vulnerable and needy countries. He suggested that the more effective approach is through government-to-government agreements to provide affordable wheat to those in need.

Many countries that import wheat, including G7 members, have urged India to reconsider its export ban, with U.S. Agriculture Secretary Tom Vilsack expressing significant concerns over the matter.

Goyal mentioned that he has communicated with the World Trade Organization and the International Monetary Fund to clarify the reasoning behind India’s decision to restrict wheat exports.