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A ban on wheat exports is already in place, and there is speculation that overseas shipments of sugar and cotton may also be curbed
There is a difference in the way in which controls are being imposed on commodities in the country this time, in order to deal with the impending global crunch. Unlike the previous episodes, such as the ones in 2011 or 2014 or even somewhat in 2018, this time the central government is not restricting movement within the economy, but has only imposed curbs on exports. Consequently there is no rush to use the Essential Commodities Act.
Also, the price action is far more nuanced. This week the government, for instance, removed import duty on raw materials for steel while increasing
First Published: May 25 2022 | 3:23 PM IST