India has welcomed UN Secretary-General Antonio Guterres' Global Crisis Response Group's recommendation for exempting purchases of food by the World Food Programme for humanitarian assistance from food export restrictions with immediate effect.
India's Deputy Permanent Representative at the UN Ambassador R Ravindra, speaking at the UNSC meeting on the humanitarian situation in Ukraine on Tuesday, said that India has noted the findings of Guterres' Global Crisis Response Group Task Team issued last week.
Ravindra said India has also welcomed their recommendation for exempting purchases of food by the World Food Programme for humanitarian assistance from food export restrictions with immediate effect
The findings had said that the war in Ukraine is setting in motion a three-dimensional crisis - on food, energy and finance - that is producing alarming cascading effects on a world economy already battered by COVID-19 and climate change.
The brief said that Ukraine and Russia are among the world's breadbaskets and provide around 30 per cent of the world's wheat and barley, one-fifth of its maize, and over half of its sunflower oil.
Russia is the world's top natural gas exporter, and second-largest oil exporter. Together, neighbouring Belarus and Russia also export around a fifth of the world's fertilisers.
Guterres said wheat and maize prices have been very volatile since the war began, but are still 30 per cent higher just since the start of the year.
Oil prices are up more than 60 per cent over the past year, accelerating the prevailing trends and natural gas prices have risen by 50 per cent in recent months.
On food, beyond keeping markets open and ensuring that food is not subjected to export restrictions, the brief urges the prompt provision of funds for humanitarian food assistance.
Food producers, who face higher input and transport costs, urgently need support for the next growing season.
On energy, it calls on governments to use strategic stockpiles and additional reserves to help ease the energy crisis in the short term.
More importantly, the world needs to accelerate the deployment of renewable energy, which is not impacted by market fluctuations, to phase-out coal and all other fossil fuels.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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