Posted on October, 24, 2024 at 02:01 pm
Lifting curbs on rice exports, the government on Wednesday removed the floor price for non-basmati rice shipments and exempted parboiled and husked (brown) rice from export duty.
It has removed the minimum export price (MEP) of USD 490 per tonne on overseas shipments of non-basmati white rice.
Earlier, on September 28, the government withdrew a blanket ban on overseas shipments of non-basmati white rice and imposed the floor price.
“The requirement of MEP for the export of non-basmati white rice...has been lifted with immediate effect,” the Directorate General of Foreign Trade (DGFT) said in a notification. Besides the export duty has been reduced from 10 per cent to 'nil' on parboiled rice, husked (brown) rice and rice in the husk (paddy or rough). The duty cuts are effective from October 22.
The government had imposed a ban on exports of non-basmati rice on July 20, 2023. The country exported non-basmati white rice worth USD 201 million during April-August this fiscal. It was USD 852.52 million in 2023-24.
The country exported non-basmati white rice worth USD 201 million during April-August this fiscal. It was USD 852.52 million in 2023-24. Though there was a ban on the exports, the government was allowing the shipments to friendly nations like Maldives, Mauritius, the UAE and African countries.
This variety of rice is widely consumed in India and it also has demand in global markets, particularly in nations which have large Indian diaspora.
The ongoing war between Russia and Ukraine is among the factors that have disrupted the foodgrain supply chain.
Sources said that the Election Commission’s clearance has been obtained on this duty cut, subject to the condition that no political mileage is derived out of the same. Jharkhand and Maharashtra are going to polls next month.
Last month, the government had exempted non-basmati white rice from export duty.
Source: The Tribune