Indian authorities have stepped up efforts to control domestic supplies and prices of agricultural commodities such as sugar, onions and wheat ahead of next year’s general election, the latest in a series of interventions that have sent shockwaves through global markets.
Authorities have in recent days banned onion exports, restricted the use of sugar for ethanol production and cut the size of the wheat stocks that traders and retailers are allowed to hold.
India is one of the world’s largest agricultural commodity producers and exporters. But the world’s most populous country also has a highly sensitive domestic market, with hundreds of millions of people dependent on cheap, subsidised food.