Rice Traders Obliged to Reveal Stocks from Next Week, Announces Food Secretary
Published on: February 7, 2024.
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Rice Retailers, Wholesalers, and Processors to Disclose Stock Holdings
In an effort to monitor rice prices and ensure transparency in the market, rice retailers, wholesalers, and processors in India have been instructed to disclose their stock holdings. Sanjeev Chopra, Secretary Department of Food and Public, announced that starting next Friday, all businesses in the rice industry must report their stock on a designated portal. Regardless of the type of rice, whether it be basmati or non-basmati, parboiled, or broken, it is mandatory for these businesses to disclose their stock information.
This initiative aims to address concerns about rising rice prices, which have seen a 14.5 percent year-on-year increase. There have been suspicions that some traders are hoarding rice, contributing to the price surge. By requiring businesses to disclose their stock, the government hopes to discourage such practices and encourage the release of rice into the market.
In addition to this measure, the government has introduced other interventions to stabilize food grain prices. One such intervention involves supplying subsidised Bharat Rice, a variety of rice, to three entities: NAFED, NCCF, and Kendriya Bhandar. These entities have been advised to set the maximum retail price of this rice at 29 rupees per kg. Moreover, targeted interventions are being planned in areas where rice prices are higher than the national average, with the goal of bringing down the overall price of rice.
Notably, the export of non-Basmati white rice from India was prohibited on July 20, 2022, to safeguard domestic prices and ensure food security within the country. However, exports to select countries are permitted through the National Cooperative Exports Limited, provided permission is obtained from the Indian government and the respective destination country. Several countries, including Benin, UAE, Nepal, and China, rely on India for their non-basmati rice imports.
To further control rice exports, the Indian government has introduced additional safeguards. A minimum floor price has been imposed on the export of basmati rice, preventing the export of non-basmati white rice, which has been prohibited since July. Additionally, an export duty of 20 percent has been imposed on non-Basmati rice exports, excluding parboiled rice. These measures aim to maintain an adequate domestic supply of rice and regulate its price in the market.
In summary, the Indian government’s recent directive to disclose stock holdings aims to promote transparency in the rice industry and address concerns about rising prices. By implementing targeted interventions and export regulations, the government seeks to stabilize rice prices and ensure food security in the country.
For more information on rice exporters, suppliers, and prices, visit [hasrice.com](https://www.hasrice.com) and [pakistanrice.com](https://www.pakistanrice.com).
**Source:** [Web India 123](https://news.webindia123.com)
