India may curb rice exports to control price in domestic market

FRIDAY, MAY 27, 2022

India is considering imposing restrictions on rice exports in a bid to ensure adequate availability in the domestic market and prevent a rise in prices, sources said.

The price situation of essential commodities, including non-Basmati rice, is being monitored by the country's highest quarters and prompt action is likely if their prices rise, reports our New Delhi correspondent.

The Indian government has announced that it would limit sugar exports from June 1. On May 24, the country's directorate-general of foreign trade issued a notification saying the government will allow sugar exports up to 10 million tonnes.

India is the world's second-largest rice producer after China and exported rice to more than 150 countries in 2021-22.

Officials said export restrictions on five products are being considered. Of them, wheat and sugar have already been covered.

Sources said the ceiling on rice export could be pegged at 10 million tonnes like that on sugar.

The government is concerned over rising inflation, which reached an eight-year high of 7.79 per cent.

India exported $6.115 billion worth of non-Basmati rice in financial year 2022. It was the top forex earner among all agricultural commodities.

India's non-Basmati rice exports grew 109 per cent from $2.93 billion in FY2013-14 to $6.12 billion in FY2021-22, government data said.

The Daily Star

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India may curb rice exports to control price in domestic market