To these 7 nations, the government permitted the export of non-basmati rice
The government relaxed the restrictions put in place earlier this year to keep a check on local pricing on October 18 and allowed the shipment of non-basmati white rice to neighboring Nepal, Malaysia, and five other countries in specific amounts. Read...
02:26 PM Oct 18, 2023 IST
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The government relaxed the restrictions put in place earlier this year to keep a check on local pricing on October 18 and allowed the shipment of non-basmati white rice to neighboring Nepal, Malaysia, and five other countries in specific amounts.
Read more: Up to March 31, 2024, parboiled rice will be subject to a 20% export tax
As food inflation skyrocketed, the government banned the export of non-basmati white rice on July 20. The largest exporter of rice in the world, India sent 22 million tonnes of food to 140 nations in 2022, accounting for roughly 40% of the world's rice commerce. About 25% of the total shipments were non-basmati white rice.
Exports would be permitted, according to the director general of foreign trade, based on the government's approval of requests from other nations seeking to meet their demands for food security. Rice can also be delivered to Cameroon, Ivory Coast, Guinea, the Philippines, and Seychelles.
After the restriction was issued in late July, a number of nations—including Nepal—asked India for allocations to help alleviate any potential food shortages during the coming festival season.
The United States Department of Agriculture (USDA) estimates that India's yearly rice exports have been reduced by about 45% as a result of the limits. The immediate result of these restrictions has been a sharp increase in rice prices worldwide, which have broken the commodity's 15-year price ceiling.
The decision was made in the midst of a global jump in rice prices, which, based on the Food and Agricultural Organization's All Rice Price Index, rose by 9.8% in August 2023 to 142.4 points. The index was at a nominal high of 15 years and was up 31.2% from a year earlier.
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