The government on Tuesday lifted the ban on exports of organic non-basmati rice, including broken rice after the easing of domestic supplies moderated prices. The government had, in early September, banned the export of broken rice with an aim to increase domestic availability. This followed a 20 per cent duty on the export of non-basmati rice aimed at shoring up domestic supplies after prices surged in retail markets. In a notification, the Directorate General of Foreign Trade said the export of organic non-basmati rice, including organic non-basmati broken rice, will now be governed by rules that prevailed before the September ban.
Basmati rice prices up 10-15% this year; may rise further as crop is 7-8% down
The restrictions were placed, because sowing has not been up to expectations on account of irregularities in rainfall
Actual agriculture exports in FY22 were $47.41 billion, up almost 19% over FY21. This was among the highest ever agriculture exports in value terms by India
India exported rice to over 150 countries in 2021-22, of which 76 countries were sent non-basmati rice worth more than $1 million in 2021-22
India responded quickly to opportunities thrown up by the pandemic, and the hiccups faced by competing nations to put up a sterling performance in non-basmati shipments abroad
This compares to Rs 11,543 crore in the same period last fiscal
Rice is among the biggest agriculture exports from India along with buffalo meat and cotton
The negative market dynamics are resulting in a downward basmati price trend on the bourses
India, the world's top rice exporter, exports about 3 lakh tonnes of basmati rice to the EU.
Indian variety becomes popular after Thai currency appreciates