India to export limited quantity of white rice to seven countries
Mint earlier. Amid a surge in retail inflation to a 15-month high, India has taken various measures, including export curbs, to control escalating food prices.
The government in August imposed a 20% duty on parboiled rice which has recently been extended till March 2024. “To ensure adequate availability of non-basmati white rice in the Indian market and to allay the rise in prices in the domestic market, the government of India has amended the export policy from ‘free with export duty of 20%’ to ‘prohibited’ with immediate effect," the government announced on 20 July, clogging ports with the grain.
In his Independence Day speech to the nation, Prime Minister Narendra Modi pledged to bring down inflation as he readies to fight general elections, due by May, for a third term in office. Even the International Monetary Fund (IMF) encouraged India to remove restrictions on the export of certain categories of rice, citing the impact on global inflation.
However, the Indian government said the move was aimed at ensuring adequate availability and reducing the prices in the domestic market. India’s move to start exporting non-basmati white rice to the above-mentioned countries is likely to reduce pressure on the global market and bring down prices to some extent.
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