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25% of India's rice exports are made up of kinds that are now banned, according to the ministry.
"The Government of India has amended the export policy norms for the said varieties by changing their category from "free export with 20% duty" to "prohibited," in order to ensure the availability of the required volumes of white rice varieties, excluding Basmati, in the Indian market and to mitigate the price increase in the domestic market. The modifications are take effect immediately," according to the ministry’s statement.
The introduction of the 20% export levy in September of last year had the same goal: to ensure that there would be enough rice on the domestic market at reasonable prices. Despite this, there was a 35% increase in rice exports from the nation between April and June of this year compared to the same period last year. Indian authorities explain such dynamics by the high pricing for the product on the global market against the backdrop of geopolitical dangers, the natural phenomena El Niño, and adverse weather conditions in the producing countries.
As a result, wholesale rice costs have increased by 11.5% over the previous year. "With the exception of Basmati, restrictions on the export of white rice varieties will result in lower prices in the country," the ministry summarized.
source: cnbc.com
"The Government of India has amended the export policy norms for the said varieties by changing their category from "free export with 20% duty" to "prohibited," in order to ensure the availability of the required volumes of white rice varieties, excluding Basmati, in the Indian market and to mitigate the price increase in the domestic market. The modifications are take effect immediately," according to the ministry’s statement.
The introduction of the 20% export levy in September of last year had the same goal: to ensure that there would be enough rice on the domestic market at reasonable prices. Despite this, there was a 35% increase in rice exports from the nation between April and June of this year compared to the same period last year. Indian authorities explain such dynamics by the high pricing for the product on the global market against the backdrop of geopolitical dangers, the natural phenomena El Niño, and adverse weather conditions in the producing countries.
As a result, wholesale rice costs have increased by 11.5% over the previous year. "With the exception of Basmati, restrictions on the export of white rice varieties will result in lower prices in the country," the ministry summarized.
source: cnbc.com
