Last week, Indian PM Narendra Modi told US President Joe Biden that India was ready to ship food to the rest of the world following supply shocks and rising prices due to the war in Ukraine.
Mr Modi said India had "enough food" for its 1.4 billion people, and it was "ready to supply food stocks to the world from tomorrow" if the World Trade Organization (WTO) allowed.
Commodity prices were already at a 10-year high before the war in Ukraine because of global harvest issues. They have leapt after the war and are already at their highest since 1990, according to the UN Food and Agricultural Organisation (UNFAO) food-price index.
Ukraine war 'catastrophic for global food'
Russia and Ukraine are two of the world's major wheat exporters and account for about a third of global annual wheat sales. The two countries also account for 55% of the global annual sunflower oil exports, and 17% of exports of maize and barley. Together, they were expected to export 14 million tonnes of wheat and over 16 million tonnes of maize this year, according to UNFAO.
"The supply disruptions and threat of embargo facing Russia means that these exports have to be taken out of the equation. India could step in to export more, especially when it has enough stocks of wheat," says Upali Galketi Aratchilage, a Rome-based economist at UNFAO.
India is the second biggest producer of rice and wheat in the world. As of early April, it had 74 million tonnes of the two staples in stock. Of this, 21 million tonnes have been kept for its strategic reserve and the Public Distribution System (PDS), which gives more than 700 million poor people access to cheap food.
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