Russia-Ukraine war impact: India eyes increase in wheat exports
India Today
Russia-Ukraine war impact: India's wheat harvest is expected to rise in the crop year 2021-22 -- from 108 million metric ton to 110 million metric ton -- a survey revealed.
Amid the raging Russia-Ukraine war, India's wheat harvest is expected to rise to 110 million metric ton in the crop year 2021-22, from 108 million metric ton a year ago, revealed an S&P Global Platts survey.
In case India's wheat export increases, the country will be in a position to replace the lower supplies expected from both Ukraine and Russia, which account for more than 25 per cent share in global wheat trade.
Russia is the world's top wheat exporter. Ukraine is fifth in the row, while India figures in the top 10 wheat-exporting nations.
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Commerce minister Piyush Goyal informed the Lok Sabha on Wednesday, "Disruption of exports from these countries does provide India an opportunity to increase our export of wheat."
However, the conflict is expected to hurt major items of export from India to Russia.
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The former RBI Govenor said a 15–20% global energy disruption would require sharp demand cuts, pushing oil to $150–$200 per barrel, risking severe economic stress if the conflict continues another month.
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