Rice costs India: Govt intently monitoring rice scenario in home, intl mkts on weekly foundation

The federal government is intently monitoring the rice scenario within the home in addition to worldwide markets on weekly foundation and it could possibly improve the share share in world rice commerce when beneficial situations come up, Parliament was knowledgeable on Wednesday. India has banned export of damaged and non-basmati white rice in view of uncertainty round rice manufacturing right here and different rice producing international locations resulting from geopolitical situation, El Nino sentiments and excessive weather conditions to verify home costs and guarantee sufficient availability out there right here.

“The federal government is intently monitoring the rice situation within the home market in addition to in worldwide discussion board on weekly foundation and the federal government can improve the share share in world rice commerce when beneficial situations come up,” Minister of State for Commerce and Business Anupriya Patel stated in a written reply to Lok Sabha.

India was the most important rice exporting nation on the earth from 2018 to 2022 adopted by Thailand and Vietnam.

Rice export from India was 22.24 million tonne in 2022, which accounts for 40.63 per cent of the world’s rice exports.

Export of damaged rice has been prohibited from September 2022 and non-basmati white rice from July this yr. Export of basmati and parboiled non-basmati rice is constant.

Replying to a different query, Patel stated that agriculture exports throughout April-September 2023 declined 11.6 per cent over the identical interval final yr. “In addition to the decline in worldwide costs, which has impacted per unit worth realizations, restrictions imposed on export of important meals merchandise, corresponding to wheat, non-basmati rice, sugar and onions, to make sure home meals safety, have additionally contributed to say no in worth of agriculture exports within the present yr,” she stated. Additional, in a reply to a query on free tarde agreements (FTAs), she stated India has signed 13 commerce pacts with its buying and selling companions.

It’s engaged in negotiations for FTA with the UK; the European Union; Peru; Iceland, Norway, Liechtenstein and Switzerland (EFTA international locations); Sri Lanka and Oman, she added.