Indian rice producer LT Foods reports a 74.3% surge in quarterly profit, driven by strong demand for its basmati rice. The company’s consolidated profit reached 1.56 billion rupees, while revenue rose over 14% to 19.78 billion rupees.

“Discover how India can enhance its agricultural exports and tackle food inflation in an editorial published on The Indian Express. Find out about the challenges faced and the proposed measures to strengthen India’s position in the global agricultural trade market.”

Discover the captivating journey of astrologer Pandit Girish Vyas to Pakistan, where he shares insights into the country’s religious, social, and economic conditions. From a warm welcome in Jacobabad to embracing local customs and traditions, Vyas’s travelogue is a tale of peace and tranquility amidst the challenges faced by Pakistan. Source: Source

Pakistan International Airlines (PIA) can resume more flights after receiving a credit facility extension from the state oil company. PIA aims to restore its operations with 45 scheduled flights today, bringing relief to the financially struggling airline. PIA still faces obstacles, including the suspension of flights to Europe and the UK due to a pilot license scandal.

Despite promises of relief from the government, the district’s price control system fails to manage soaring inflation effectively. Prices of essential goods, such as chicken, pulses, rice, eggs, and sugar, have skyrocketed, leaving people struggling to afford them. Traders complain of inadequate enforcement and corruption among local magistrates, causing further price surges. The administration’s subsidized markets offer poor-quality products, and grocery shops demand new prices based on market conditions. Prices for various items, including fruits and vegetables, have increased significantly. Buyers report spending more on their weekly rations with fewer items purchased.

The commissioner of Karachi has taken steps to control grocery prices, setting official rates for items like pulses and rice. The deadline for revising prices if necessary is November 15, and the new rates will be enforced from November 16. The crackdown on sugar mafia and smugglers has instilled fear in the market, prompting consumers to call for action on other commodities. These measures aim to provide relief and create a fair market.

India’s export restrictions on rice and wheat have caused global food prices to rise, affecting the poorest nations. The country’s dominance in the rice market, accounting for 40% of trade, has led to a decrease in grain supplies and a 28% increase in rice prices. Other countries, including Vietnam, Argentina, Pakistan, Turkey, and China, have also imposed restrictions. It is imperative to maintain open and resilient supply chains for essential goods to prevent further suffering of the world’s poorest. Source.

India’s ban on export of non-basmati white rice has caused global rice prices to rise, and despite the ban, domestic prices in India remain high. The government is taking measures to maintain rice stocks for food security. Source: Indian Express.

Restrictions on basmati rice exports due to limited demand and a high minimum export price (MEP) of $1,200 per ton is causing lower prices for farmers. These policies may be benefiting domestic consumers while handing over export markets to Pakistan. It is crucial to reconsider the MEP and implement stable export policies for agricultural products.

Rice exports from Pakistan have experienced a disappointing decline of 18% in the first quarter of fiscal year 2023-24. Despite global rice prices soaring, Pakistani exporters have only managed a 10% increase in unit prices, raising concerns about under-invoicing and the local rice industry’s future.