One of the world’s biggest beef exporters is getting out of the market.
India, which accounted for 20 per cent of all the beef exported in the world last year, is dealing with tough new rules by the Government that ban the sale of cattle, including cows and buffaloes, for slaughter across the country.
The decision will have huge ramifications for beef markets around the world, including Australia.
“It’s pretty much a foregone conclusion that they’re going to push to ban the sale of any cattle for slaughter,” market analyst Matt Dalgleish, from commodities firm Mecardo, said.
“So they are only looking at allowing dairy cattle and cattle for farm use.”
The ban on the slaughter and sale of cattle in India has been described as a move by the Indian Government to appease Hindu conservatives