India prioritised the domestic market even as the move risks its international image as a reliable supplier. Still, the government’s wheat procurement may not meet its needs.
Food companies are under pressure due to rising edible oil prices. Britannia had passed on 65% of its incremental input cost rises in 2021-22 by reducing weights on their existing price points.
The ban by Indonesia, which accounts for a third of global edible oil exports, adds to a raft of crop protectionism around the world since the war erupted in Ukraine.
For India, food will be dearer in 2022. The tradeoff between high growth and high inflation is tricky, and RBI has the unenviable task of balancing it.
Rising food prices—a result of both Western sanctions on Russia and of the integration of national economies—have set the alarm bells ringing across Central Asian countries.
Ukraine and Russia together account for over a quarter of global trade of wheat. The war has closed major ports in Ukraine, and severed logistics and transport links.
In India, Modi govt is distributing free rice & wheat and has implemented trade measures to shield consumers, including cutting duties on palm, soybean, sunflower oils and lentils.
Smarting from the failures of his Great Leap Forward campaign, which hit the economy hard, Mao launched the 1962 war with India to rally the nation behind him.
While retail inflation hit an 8-year high of 7.8% in April, wholesale inflation surged to a 9-year high of 15.08% on the back of elevated food and energy prices in the same month.
China's People's Liberation Army aims for multiple routes to counter any possible operations by the Indian forces on the southern banks of the Pangong Tso in the future.
Like the car, nothing the party has done to reinvent itself has worked. Only way forward is to offer something looking towards the future, not in image of glorious past.