Government closely monitors rice situation in domestic and international markets on a weekly basis
Published on: December 20, 2023.
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India closely monitors rice situation in domestic and international markets
The Indian government is closely monitoring the rice situation in both domestic and international markets on a weekly basis, with the goal of increasing its share in global rice trade when favorable conditions arise. This information was revealed by Minister of State for Commerce and Industry Anupriya Patel in a written reply to Lok Sabha.
India, the largest rice exporting country in the world from 2018 to 2022, has taken measures to ban the export of broken and non-basmati white rice. This decision was made due to the uncertainty surrounding rice production in India and other rice-producing countries caused by geopolitical scenarios, El Nino sentiments, and extreme climatic conditions. The ban aims to ensure adequate availability of rice and stabilize domestic prices.
In 2022, India exported 22.24 million tonnes of rice, accounting for 40.63% of the world’s rice exports. However, the export of broken rice has been prohibited since September 2022, and non-basmati white rice has been banned since July this year. Export of basmati and parboiled non-basmati rice is continuing.
In addition to the rice situation, Patel also addressed the decline in agriculture exports during April-September 2023, which saw an 11.6% decrease compared to the same period last year. This decline is attributed to both the decrease in international prices and the restrictions on the export of essential food products like wheat, non-basmati rice, sugar, and onions, imposed to ensure domestic food security.
Regarding trade agreements, India has signed 13 trade pacts with its trading partners and is currently engaged in negotiations for free trade agreements (FTAs) with various countries including the UK, the European Union, Peru, Iceland, Norway, Liechtenstein, Switzerland (EFTA countries), Sri Lanka, and Oman.
Source: [Business Standard](https://www.business-standard.com)
