india rice production sees first decline in 8 years
Published on: March 2, 2024.
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India is anticipated to experience a decline in rice production in the year 2023-24, which would be the first decrease in eight years, according to a statement from the government cited by Reuters. However, wheat production is expected to see a slight increase of 1.3% compared to the previous year.
The projected rice production for the upcoming year is 123.8 million tonnes, while wheat production is estimated to be around 112 million tonnes. This decline in rice production may lead to the extension of export restrictions by the government. In fact, the country had already imposed a ban on the export of non-basmati white rice in July, resulting in a surge in global prices.
If the export restrictions are prolonged, it could have a significant impact on food prices, primarily due to the limited availability of rice in other major exporting nations like Thailand, Vietnam, Pakistan, and Myanmar.
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