Whose job is it?

"When New Delhi banned wheat exports as prices soared over Russia's invasion of Ukraine it provoked consternation abroad and drove the cereal even higher. Now Indian farmers and traders are fuming they have been denied a windfall as domestic prices have plummeted," ET. "From 2,300 rupees (about $30) per 100 kilograms of wheat before the export ban, prices slumped to 2,015 rupees." In May, "the government placed restrictions on sugar exports...to prevent a surge in local prices" and "told traders to secure permission for overseas sale of sugar from June 1 to October 31," ET. Also in May, "in an attempt to improve domestic steel availability and reign in steel prices, the Union government imposed a 15% export duty on a range of finished steel products," Mint. A 15% export duty was levied on pig iron. Around mid-April "Prime Minister Narendra Modi promised US President Joe Biden that India could feed the world," wrote Andy Mukherjee. "In mid-May, India imposed a hasty ban on wheat exports to ensure its own food security. It was a repeat of the Covid-19 fiasco when Modi bragged about how India, the world's pharmacy, will save humanity. But a vicious outbreak of the delta variant forced it to backtrack. By March 31, India's share of the global vaccine trade was just 2.2%." "Consumer sentiment fell sharply in the last week of May, more so in rural India than urban, on the back of an export ban on wheat and sugar as well as higher inflation, the Centre for Monitoring Indian Economy (CMIE) said," ET. "Indian Prime Minister Narendra Modi often speaks of 'trusted' supply chains," wrote Mihir Sharma. And yet, "After two years of global price increases, officials recently declared that all imports of paper products would henceforth require 'pre-registration' -- dangerously close to a 1970s style license." "Every bad, anti-trade decision is presented as either supporting Modi's 'Make in India' and 'self-reliance drives, or as necessary to control inflation." "These aren't, to say the least, the sort of decisions that build trust." Last week, "Shanghai lifted its two-month lockdown on Wednesday, allowing most of its residents to leave their communities," CNN. With China still following a zero-Covid policy and severe sanctions on Russia, "India now faces a historic opportunity to use exports as a lever to boost GDP growth," wrote Prof Rajeswari Sengupta. But "Whenever the government suddenly bans exports or imposes export duties, it puts firms with export orders in a position where they cannot fulfill their contracts. This is not only embarrassing it also exposes both exporters and importers to large losses. To avoid this situation, domestic firms will shy away from entering the export business, while foreign firms will be reluctant to place orders with Indian firms." It is the duty of the RBI to control inflation but "At the same time we have to keep in mind the requirements of growth," said RBI Governor Shaktikanta Das. That is what the government is for. The government is trying to control inflation while the RBI is trying to stimulate growth. Pushmi-pullyu.