G20 Seeks to Revive Grain Deal to Ease Global Food Inflation, But Impact on India Limited

G20 leaders recommend reviving Black Sea Grain Initiative to ease global food inflation
But may not affect India's inflation much as India does not import much grain from Russia/Ukraine
India's inflation more affected by monsoon, supply issues
G20 recognize Ukraine war's impact on food, energy security, supply chains, finances
Call for immediate delivery of grain, food, fertilizer from Russia, Ukraine to meet demand in developing nations

thehindu.com

Relevant topic timeline:

8/25/2023

Centre's priority is to tame inflation: Finance minister Nirmala Sitharaman - Times of India

Finance Minister Nirmala Sitharaman emphasized that controlling inflation is the government's priority for sustained economic growth, expressing the need to manage supply side factors along with interest rates, and mentioned that India's GDP numbers for the first quarter are expected to be positive.

8/28/2023

India’s surging food prices are a problem not just for India

The Indian government's efforts to control food prices, such as imposing taxes and export bans, may help contain inflation domestically but could lead to higher prices globally, particularly for rice, affecting countries that rely on food imports.

9/10/2023

Erdogan Pushes for Russia's Return to Black Sea Grain Deal

Any attempt to revive the Black Sea grain deal that isolates Russia is unlikely to be sustainable, according to Turkish President Tayyip Erdogan, who expressed hope but acknowledged the challenges in reviving the agreement at the G20 summit in New Delhi.