India's Rice Exports Surge after Lifting Restrictions


Published Date: January 15, 2025
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After the government lifted most of the restrictions on the shipment of rice a few months ago, India's exports of agricultural and processed food products increased by more than 8% to $14.01 billion during the April-November periods of the current fiscal year compared to FY24.

Rise In Rice Exports

According to the Directorate General of Commercial Intelligence and Statistics, rice exports during the first eight months of FY25 increased by more than 13% to $7.31 billion from $6.44 billion during the same period last fiscal year.

By eliminating the minimum export price and export duties, the government eliminated almost all of the limitations placed on the export of both basmati and non-basmati rice last year in September.

Due to strong worldwide demand, exporters predict that rice exports could increase by 10% more than they did in the current fiscal year. 

Ranjit Singh Jossan, MD of Jossan Grains, a major exporter of Basmati rice in Punjab, told FE that India, with an export target of five million tons in the current fiscal year, has surpassed its nearest rival, Pakistan, which manages less than one million tons per year. According to Jossan, there is still a strong demand for Basmati rice worldwide, even with export restrictions to important markets like Iran.

A surge in shipments, particularly to Africa and South-east Asian nations, is anticipated to restore India's dominance in the world rice market, according to trade sources.

An export goal of $26.56 billion has been set for FY25 by the Agricultural and Processed Food Products Exports Development Authority (APEDA). About 51% of the total shipments of agri-produce are exported as products from the APEDA basket.

REFERENCE- financialexpress.com

 

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