Shock to the common man: Rice rates to rise again, the government said

New Delhi: The price of rice is likely to increase further shortly. Prices are likely to rise further given the forecast low harvest in the Kharif season and 11 percent growth in non-basmati rice exports. This information has been given by the Ministry of Food.

Changes in Export Policy:-

The information provided by the ministry detailed the rationale behind the recent revision in India’s rice export policy. The ministry also said that recent changes in India’s rice export rules have helped keep domestic prices under control without reducing availability for exports.

In early September, the government banned the export of broken rice and imposed a 20 percent export duty on non-basmati rice. “Domestic rice prices are showing a positive trend and are likely to rise due to around 6 million tons of paddy production and 11 percent growth in non-basmati rice exports,” the food ministry said in a fact sheet.

However, there may be a food crisis in China after India restricts its exports. The government’s decision was expected to reduce prices. But now the information given by the government has revealed the possibility of a price increase. After China, India is the largest rice-producing country. India’s rice accounts for 40 percent of the world market. India exported 21.2 million tons of rice in the financial year 2021-22. It contained 34.9 lakh tons of basmati rice.