Wheat comes to Oman not only from India. Wheat comes to Oman regularly from Australia. Oman hopes this will be enough by the end of this year. Oman started importing wheat from India after the Russo-Ukraine war. India’s new decision to restrict foreign sales has boosted wheat imports from India. This led to an increase in the price of wheat in the market. Global markets rose 6 percent on Monday.
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Gompat market in India has been experiencing sharp inflation for the past eight years. In the meantime, the central government has imposed a ban on wheat exports. The circular was issued by the Directorate of Foreign Trade on Friday. India has taken such a decision in view of overall food security. It has been decided that the permitted exports will continue till the order is issued. Based on this, it has been decided to export the goods to Oman.
India is the second largest producer of wheat in the world after China. Ukraine is the eighth largest producer and Russia the third largest producer of wheat. Wheat exports from these countries have been suspended since the outbreak of the Ukraine-Russia war. With this came a huge influx of wheat into the global market.