The Russia-Ukraine conflict may give domestic exporters an opportunity to ship more wheat in the global markets. India’s central pool stood at 24.2 million tonnes, twice more than the buffer and strategic needs.
More than a quarter of the world’s wheat export comes from Russia and Ukraine. Russia is the world’s largest exporter of wheat.
In 2019, Russia and Ukraine together exported more than a quarter (25.4 per cent) of the world’s wheat. Egypt, Turkey and Bangladesh bought more than half of Russia’s wheat.
American credit rating agency, Moody’s Investors Service has raised India’s growth forecast to 9.5 per cent from 7 per cent for the calendar year 2022.
The agency has revised its growth projection for India citing a stronger-than-expected economic recovery from the national lockdown of 2020 and the second wave of the COVID-19 pandemic in mid-2021.
The Indian economy is estimated to have surpassed the pre-COVID level of GDP by more than 5 per cent in the last quarter of 2021 and added that sales tax collection, retail activity and PMIs suggest solid momentum.