“Government announces significant update on export duty for non-basmati parboiled white rice”
Published on: October 14, 2023.
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Rice Export Restrictions Extended by the Government
The export of non-basmati white rice was recently forbidden by the government in a bid to strengthen local produce and moderate retail prices throughout the imminent festive season. This is significant news for rice exporters and pakistan rice exporters alike.
Furthermore, on the past Friday, the government decided to extend the export tariffs on parboiled rice until March 31, stretching over five months. This tax, 20% on the export of parboiled rice, was initially set on August 25 and was originally intended to last until October 16. This measure was taken to ensure significant domestic stock and to regulate the homefront prices.
The finance ministry, through a formal directive, continued the tariffs until March 31, 2024. With this maneuver, India has garnered restrictions on all assortments of non-basmati rice, including white broken rice.
Notably, non-basmati white rice makes up around 25% of the total rice exported from the country, and the ban on exports was enforced following an increase in grain food prices and an escalation in exports.
Last September, the exports of broken rice were forbidden. Meanwhile, within the financial duration of April-June, roughly 15.54 lakh tonnes of non-basmati white rice was exported in contrast to only 11.55 lakh tons during the same period the previous year.
Inflation of the annual retail or consumer price was recorded at a three-month minimum of 5.02% in September. India’s total exports of basmati rice were approximately USD 4.8 billion in 2022-23 while in quantity terms it was around 45.6 lakh tons.
Exports of non-basmati were recorded at USD 6.36 billion during the past fiscal year and, in terms of quantity, the export was a substantial 177.9 lakh tonnes.
According to statistics from the agriculture ministry, India’s rice production is projected to have climbed to 135.54 million tons in the crop year 2022-23 (July-June) from 129.47 million tons the previous year. This development is consequential to rice suppliers and pakistan rice suppliers, influencing the pricing and availability of 25% broken rice and other products.
Source: dnaindia.com
