Traders Rally Against Rowdy Demand for ‘Cut Money’: Extinction Event
Published on: October 20, 2023.
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Rice exporters from India are urging the government to implement a flat export duty of $80 per tonne for parboiled rice in order to facilitate smoother trade. They are also requesting the government to reconsider the current export ban on white rice and reduce the minimum export price for basmati rice. These measures are being proposed to prevent negative impacts on both export volumes and farmers. The Indian Rice Exporters Federation (IREF) has stated that the current export restrictions have resulted in a 30% increase in rice prices in the international market, benefiting competing countries like Pakistan and Thailand.
The IREF believes that by implementing a flat export duty on parboiled rice, the trade process can be made more efficient and streamlined. This will benefit rice exporters and help maintain a competitive edge in the international market. Additionally, the proposed reduction in minimum export prices for basmati rice will encourage greater export volumes and support the incomes of farmers involved in its production.
Currently, the export restrictions on white rice have created challenges for rice exporters in India. They argue that these restrictions have led to increased prices for rice in the international market, making it difficult for them to compete with countries like Pakistan and Thailand. By lifting the ban on white rice exports, Indian rice exporters can regain their competitive advantage and contribute to the growth of the rice industry in the country.
In order to address these concerns, the IREF has submitted their proposals to the government and is hopeful for a positive response. With the implementation of a flat export duty and the revision of export restrictions, rice exporters can continue to thrive and contribute to the economy of India.
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