India Set to Experience First Decline in Rice Production in 8 Years, Confirms Government
Published on: March 1, 2024.
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India’s Rice Production Expected to Decline While Wheat Production Rises
In a recent statement, the Indian government announced that rice production in the country is set to fall for the first time in eight years during the 2023/24 crop year. This decline is attributed to below-average rainfall. Conversely, wheat production is expected to rise by 1.3% compared to the previous year.
The decrease in rice production is concerning, especially since India is the largest exporter of rice in the world. The global market experienced a surge in prices after India banned exports of non-basmati white rice in July.
According to the Ministry of Agriculture and Farmers Welfare, rice production is projected to reach 123.8 million metric tons by June, while wheat production is expected to increase to 112 million tons from the previous year’s 110.6 million tons.
The decline in rice production raises the possibility of the Indian government extending restrictions on rice exports in order to control food prices in the lead up to a general election. If export curbs are prolonged, it could have a further impact on food prices, as key exporting countries such as Thailand, Vietnam, Pakistan, and Myanmar also have low inventories.
It will be crucial to monitor the situation closely as the effects of India’s rice production decline and wheat production rise unfold.
Source: [Yahoo News](https://sg.news.yahoo.com)
