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Informist, Wednesday, Oct. 23, 2024

 

--Govt removes 10% export duty on parboiled rice 

--Govt removes 10% export duty on paddy and brown rice 

 

MUMBAI – The government has removed the 10% export duty on parboiled rice, paddy, and brown rice, the finance ministry said in a notification late on Tuesday. "This notification shall come into force with immediate effect," it said.  

 

Earlier on Tuesday, Informist had exclusively reported, quoting a senior government official, that the government was likely to remove the 10% export duty on parboiled rice.  

 

Last month, the government had cut the export duty on parboiled rice to 10% from 20%. In August 2023, the government had imposed 20% duty on the export of parboiled rice to ensure adequate local stock and keep domestic prices in check. The duty was to be levied till Mar 31, but in February, the government said the duty would continue until further notice.    

 

In September, the government had also allowed non-basmati white rice exports with a minimum export price of $490 per tonne. It had prohibited the export of non-basmati white rice in July 2023 due to concerns over lower paddy acreage and to control soaring rice prices. In December, it allowed exports of non-basmati white rice to some African countries.

 

However, the government has not lifted the ban on exports of non-basmati broken rice, imposed in September 2022. After the export ban was imposed on broken variety and non-basmati white rice in September 2022 and July 2023, respectively, India has supplied white rice to a few countries to meet their food security needs based on requests from their governments.

 

The decision has been taken keeping in mind the fact that domestic stocks were at an all-time high of over 31 million tonnes as of Oct. 1. Also, above-normal rainfall during the kharif season has led to higher-than-normal paddy acreage, which has improved the prospects of better production this year. The acreage of paddy this kharif season has been 41.35 million hectares, up 2.2% from a year ago and exceeding the normal acreage of 40.16 million hectares, data from the agriculture ministry showed.  End

 

US$1 = INR 84.07

 

Reported by J. Navya Sruthi

Edited by Avishek Dutta

 

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