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India lifted the ban on rice exports after 14 months According to a statement issued by the country's central government on Friday (September 27, 2024), exporters can export all types of rice except Basmati.
Rice export duty has also been reduced. Where earlier the rate of export duty was 20 percent, it has now been reduced to 10 percent.
Naturally, India's rice exporters are excited about this move by the government. Suraj Agarwal, the chief executive of Rice Villa, one of the country's rice exporting companies, said in this context, that this decision of the government will play the role of a game changer in the domestic agricultural sector of India and the international rice market. On the one hand, the price of rice will decrease in the international market, on the other hand, the farmers will also benefit.
Rice production in India is mainly in the eastern, northeastern and southern states of the country. Last year, production suffered due to insufficient rainfall in these states. In order to stabilize the domestic market, the central government of India banned the export of rice to the world market on July 20, 2023.
Rice is the staple food of more than 3 billion people in the world. According to the United States Department of Agriculture, six countries currently top the world in rice production—Bangladesh, China, India, Indonesia, Thailand, and Vietnam.
But India is the top exporter of rice. 40 percent of the rice traded in the world market every day comes from India.
After India imposed a ban on rice exports, the price of rice in the international market started to rise. According to Reuters data, the price of all types of rice rose 11.7 percent as a percentage, the highest price increase recorded in 11 years.
Source: Online/GFMM
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