According to a release here from Kiran Kumar Pola, Director of Deccan Grainz India, a major rice exporter from Hyderabad, India exports non-basmati rice to other nations at a rate of 5 lakh metric tons each month. India accounts for 40% of the world's rice exports.
Pola said the Central Government is of the view that by restricting exports, domestic supply could be increased to control rising local prices.
Orders For Rice Exports From India
A ban on non-basmati white rice exports from India by the Center took effect on July 20. On 24th of July, traders claimed that export orders for 20 lakh metric tons worth of non-basmati white rice worth Rs. 8,200 crore were in danger of being canceled right away.
Rice Pricing
Due to a subpar harvest in the Rabi season of 2023–24, domestic rice prices have increased by 20–30% over the past three months. According to him, an increase in the Government’s Minimum Support Price (MSP) for rice by 7% to be paid to the farmers also contributed to the price increase.
In addition to creating significant opportunities for Vietnam, which, along with India and Thailand, is one of the world's top three rice exporters, India's ban on rice export raised concerns about further increases in food prices globally.
In order to develop solutions for any problems that may arise with the supply and movement of rice on these markets, it is crucial to keep a close eye on both the domestic and international rice markets.
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