Govt removes minimum export price of $490 per tn on non-basmati white rice
This story was originally published at 20:00 IST on 23 October 2024
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--Govt removes minimum export price of $490 a tn on non-basmati white rice
MUMBAI – The government has removed the minimum export price of $490 per tonne on non-basmati white rice with immediate effect, the Ministry of Commerce and Industry said in a notification on Wednesday. The move comes a day after the government removed the 10% export duty on parboiled rice, paddy, and brown rice.
The decisions come in the backdrop of ample availability of rice, which was at an all-time high of over 31 million tonnes as of Oct. 1. Informist had on Tuesday exclusively reported that 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.
The government, which banned the export of non-basmati white rice in July 2023, lifted the ban in September but imposed a minimum export price of $490 per tonne. The government had also cut the export duty on parboiled rice to 10% from 20% last month. The government had imposed curbs on the export of non-basmati white rice and parboiled rice last year on concerns about lower paddy acreage and rising prices.
However, above-normal monsoon rainfall and higher-than-normal paddy acreage have improved the prospects for rice production this year. India received 934.8 mm of rainfall during the southwest monsoon season, the most in four years and 7.6% more than the long-term average of 868.6 mm.
The kharif paddy acreage was 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.
The government had scrapped the minimum export price of $950 per tonne on basmati rice shipments in September. End
Reported by Taniva Singha Roy
Edited by Saji George Titus
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