India continues export tax on parboiled rice till March 2024
Published on: October 14, 2023.
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Extension of India’s parboiled rice export tax shaking global rice market
The government of India has prolonged its levy on parboiled rice exports until March 2024, resulting in a potential ripple effect on the global rice market. This news broke on a recent Friday.
As per the information gathered by Reuters on Wednesday, the Indian government had been considering the extension of a 20% duty on parboiled rice shipments till March 2024. The implementation of this move is set to have a significant impact on the world’s largest rice exporter. The resultant effect could be a possible hike in global rice prices.
In August, a 20% charge on parboiled rice exports was placed by India. The initial lockdown for this levy was anticipated to end on October 15th.
India’s restrictions on rice exports
In a surprising move, India imposed a prohibition on the export of non-basmati white rice popularly consumed around the globe last July. This prohibition followed an earlier ban on broken rice exports, which was effected last year.
India is the leader in the global rice market, accounting for over 40% of the world’s rice exports. Any reduction in its export activities might trigger a noticeable increase in food costs across the globe owing to relatively low stocks in other rice exporting nations.
News source: Juby Babu and Nikunj Ohri. Edited by Mark Heinrich.
Source : www.zawya.com
