In a notable shift for the rice export landscape, the Indian government announced on September 28, 2024, the lifting of the blanket ban on non-basmati white rice, which had been in place since July 2023. This ban was initially imposed to bolster domestic supply amid rising global demand. However, the government has now implemented a Minimum Export Price (MEP) of $490 per tonne for non-basmati white rice (ABP Live). This new policy marks a transition from a prohibition to a regulated export framework, allowing exporters to resume shipments under specific conditions.
Alongside this development, the government has reduced the export duty on parboiled rice from 20% to 10%. This reduction aims to enhance India’s competitiveness in the international market, especially as rice stocks have significantly increased, with the Food Corporation of India holding approximately 32.3 million metric tons(Business Today)(ABP Live).
This move is expected to encourage higher export volumes and potentially influence global rice prices, as Indian exporters will be able to offer more competitive rates against other rice-producing nations like Thailand and Vietnam(ABP Live). The government’s recent adjustments reflect its ongoing commitment to supporting both farmers and the broader agricultural economy, ensuring that Indian rice can maintain its presence in lucrative international markets.
For further details, you can explore the full report on this update (ABP Live)ps://news.abplive.com/business/minimum-export-price-of-usd-490-per-tonne-on-non-basmati-white-rice-govt-dgft-1720617).
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