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Informist, Tuesday, Oct. 22, 2024

 

By Pallavi Singhal

 

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--Govt source: Will remove 10% export duty on parboiled rice 
--CONTEXT: Minimum export price on non-basmati white rice is $490/tn 
--Govt source: To remove minimum export price on non-basmati white rice 

 

NEW DELHI – The government is likely to remove the minimum export price of $490 per tonne on non-basmati white rice and the 10% export duty on parboiled rice shortly, a senior government official told Informist. "The order for the same has already been signed and will be effective with immediate effect once it is released," the official said.

 

The decision has been taken keeping in mind the international prices of the commodity, as well as domestic stocks which are at an all-time high at over 31 million tonnes as of Oct. 1. Moreover, above-normal rainfall during the kharif season has led to higher-than-normal paddy acreage, which has boosted hopes for better production this year. The acreage under paddy has been at 41.35 million hectares this kharif season, up 2.2% from a year ago and exceeding the normal acreage of 40.16 million hectares, data from the agriculture ministry showed.  

 

The government notified the minimum export price on non-basmati white rice and 10% export duty on parboiled rice in the last week of September as part of easing curbs on rice exports. In September, the government lifted the ban on the export of non-basmati white rice, which was in force since July 2023, and imposed a minimum export price of $490 per tonne. It also cut the export duty on parboiled rice, imposed in August 2023, to 10% from 20%. The government had also scrapped the minimum export price of $950 per tonne on basmati rice shipments in September. The government had earlier restricted rice exports to ensure adequate local stock and keep domestic prices in check.  End

 

Edited by Saji George Titus

 

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