With retail and wholesale prices rising 15% annually, these measures are an attempt to control the rising rice prices. Tradologie.com is a user-friendly SaaS based global trade hub and your streamlined solution for B2B parboiled rice procurement and sales. Connect with global bulk parboiled rice buyers or Parboiled Rice Sellers, bypass middlemen for higher profits, and secure the best bulk prices effortlessly. Simplify your parboiled rice sales or procurement with Tradologie.com.
India's Parboiled Rice Export Policy
The Union government has kept the 20% export duty on parboiled rice indefinitely in response to the surge in rice prices. For yellow peas, It has also decided to permit the zero-duty import regime, provided the Bill of Lading is issued on or before 30th April' 24. On March 31, 2024, the 20% duty on parboiled rice was scheduled to expire. Following the Committee of Ministers' approval of the proposal put forth by the Consumer Affairs and Food Ministry, the Finance Ministry announced its decision, according to sources. According to official data, as of February 20, the average retail price of rice in India increased to ₹44.11/kg (0.34%) in a week, while its wholesale prices increased to ₹3,876/quintal (0.07%). However, as of February 20, rice inflation is higher year over year at 15% in both retail and wholesale.
Steps Taken To Reduce Inflation
To combat inflation, the government has implemented a number of initiatives, such as a weekly rice auction featuring Central Pool stocks and retail sales at a discounted price of ₹290/10 kg bag.Between April 2023 and January 24, 2024, parboiled non-Basmati rice exports were 58 lakh tonnes (lt), compared to 62 lt the year before. India has also exported 21 lt of raw non-Basmati rice on government-to-government requests, down from 50 lt the previous year.
September 2022 saw India start to restrict rice exports after it put a duty on consignments of white rice and outlawed the shipment of broken rice. White rice exports were prohibited in June 2023, and parboiled rice was subsequently subject to a 20% duty. Despite the restrictions, India dominated rice exports in 2023, with 16.5 million tonnes shipped out of the country. This included basmati rice, which was estimated to account for approximately 4 million tonnes.
Rice Exports From India
The non-basmati rice exports from April to December 2023 fell by 28% to 8.34 million tons valued at $3.34 billion, as opposed to 13.18 million tons valued at $4.66 billion, according to the Agricultural and Processed Food Products Export Development Authority (APEDA). Over the same time period, basmati exports increased by 19% to 3.97 million tonnes valued at $3.97 billion, from 3.20 million tonnes valued at $3.34 billion. The actions were taken in 2022 when the effects of the southwest monsoon caused insufficient rains to fall on paddy-growing areas in the eastern region. But the rabi sowing made up for the shortfall.
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