Reason for India banning wheat exports

India has banned wheat exports, sending bushel prices to record highs and drawing criticism from the Group of Seven worried about protectionism as inflation soars in the wake of the Ukraine war.

India said that only exports backed by letters of credit (LC) or payment guarantees issued before May 13 can proceed before the ban comes into force.

The world's second-largest producer of wheat said that traders could only enter into new export deals with express government approval.

Reasons for this include inflation and a surge in food security in  poor countries with a population of 1.4 billion.