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The Indian government has approved the export of 1.43 lakh tonnes of non-basmati white rice to Bhutan, Mauritius, and Singapore. The exports will be facilitated by the National Cooperative Exports Limited

India allows export of non-basmati rice to Bhutan, Mauritius, and Singapore 

The Indian government has approved the export of 1.43 lakh tonnes of non-basmati white rice to Bhutan, Mauritius, and Singapore. The exports will be facilitated by the National Cooperative Exports Limited

The government has granted approval for the export of 1.43 lakh tonnes of non-basmati white rice to Bhutan, Mauritius, and Singapore. The National Cooperative Exports Limited (NCEL) will oversee these exports, as announced by the Directorate General of Foreign Trade (DGFT).
Despite a ban on exporting non-basmati white rice from July 20 onwards, exceptions are now being made based on government permissions, particularly to fulfill the food security requirements of other nations upon request.
To elaborate, the DGFT has officially communicated the allocation of 79,000 tonnes of non-basmati white rice to Bhutan, 14,000 tonnes to Mauritius, and 50,000 tonnes to Singapore for export purposes.
The notification confirms that the export of non-basmati white rice to Bhutan, Mauritius, and Singapore has been duly recognized.

To tackle the rising prices of wheat and rice government has decided to release an additional 50 lakh tonnes of wheat and 25 lakh tonnes of rice via open market 

Food inflation: Govt to release additional rice and wheat via open market to control price hike

To tackle the rising prices of wheat and rice government has decided to release an additional 50 lakh tonnes of wheat and 25 lakh tonnes of rice via open market&nbsp;

The government on Wednesday announced the sale of additional 50 lakh tonnes of wheat and 25 lakh tonnes of rice from the Central pool in the open market to boost domestic availability and contain rising prices of these two key staples.
The government also reduced the reserve price of rice by Rs 2 per kg to Rs 29 per kg amid few takers for the commodity under the Open Market Sale Scheme (OMSS).
Also Read: <a href="https://www.editorji.com/business-news/rice-prices-rise-to-the-highest-level-since-2008-as-threat-to-supply-persists-in-asia-1691580607399">Rice prices rise to the highest level since 2008 as threat to supply persists in Asia</a>
On likely cut in wheat import duty, the government said it will take action based on the requirement in the future as things are dynamic and evolving.
State-owned Food Corporation of India (FCI) is selling wheat and rice from the Central pool to bulk buyers like flour millers and small traders under the OMSS since June 28 through an e-auction.
Briefing media, Food Secretary Sanjeev Chopra said, "Prices of two commodities have been in the news for the past couple of months because of the rising trend that we are noticing".
The offtake of wheat under the OMSS has been good so far. However, the weighted average price of wheat has been going up in the past two-three auctions. In rice, there has not been much offtake, he said.
Chopra said the government felt that tweaking the reserve price of rice may bring better results.
"The government has decided to offload 50 lakh tonnes of wheat and 25 lakh tonnes of rice in the open market through the OMSS," he said.
This is over and above 15 lakh tonnes of wheat and 5 lakh tonnes of rice sales announced under the OMSS on June 28.
That apart, the secretary said the government has reduced the reserve price of rice by Rs 2 per kg to Rs 29 per kg from Rs 31 per kg.
The reserve price of wheat, however, has been kept unchanged as there is a good response from the traders under the OMSS.
About 7-8 lakh tonnes of wheat was auctioned under the OMSS so far, while rice sale was negligible, he said.
The government is hoping that these measures would not only improve the availability in the market but also help cool down the prices and control food inflation, Chopra added.
"...Based on the response in the next few weeks, we will keep tweaking them. The ultimate objective is to keep the food inflation under check," he said, adding that the government has adequate stock available for more aggressive auctions if required.
On the likely reduction of wheat import duty, the secretary said, "Right now, we have taken these steps. These are dynamic and evolving. Based on requirements in the future, we will take action".
He also said that the Centre is aggressively following up with states to ensure stock limits in wheat are not violated.
Sharing about the sale of foodgrains under the OMSS, FCI Chairman and Managing Director Ashok K Meena said the OMSS operation was started early this year on June 28, in view of the increasing trend of wheat and rice prices.
Till now, seven e-auctions were conducted, including today's. Initially, wheat offered for sale used to be 4 lakh tonnes and now, it has been reduced to 1 lakh tonne in today's e-auction. About 8 lakh tonnes of wheat has been sold till date, he said.
The FCI CMD also said that initially, the weighted average selling price of wheat on June 28 was Rs 2,136.36 per quintal, which has now gone up to Rs 2,254.71 per quintal in today's e-auction.
"This shows there is an increase in the market demand for wheat," he noted.
About six e-auctions for rice have been conducted since July 5 but the offtake has not been up to the mark most likely because of the high reserve price, which is at Rs 31.73 per kg, he added.
"In today's e-auction, about 1,500 tonnes of rice has been sold under the OMSS," he said.
FCI has adequate food grains stocks. It has additional 87 lakh tonnes of wheat and 217 lakh tonnes of rice available over and above the buffer norms, he added.

India's ban on rice export and a dry spell threatening production in Thailand has pushed rice prices to soar to a 15 year high

Rice prices rise to the highest level since 2008 as threat to supply persists in Asia

India's ban on rice export and a dry spell threatening production in Thailand has pushed rice prices to soar to a 15 year high

Rice prices soared to the highest since 2008 in Asia as threat to supply persists. Concerns over a tight global supply mount as a dry spell threatens production in Thailand and after top shipper India banned non-basmati rice exports.
As per Thai Rice Exporters Association, Thai white rice 5% broken jumped to $648 a ton, the most expensive since October 2008. This rice is the Asian benchmark.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/rice-prices-already-at-an-eleven-year-high-expected-to-rise-further-1688635728570">Rice prices already at an eleven year high, expected to rise further</a>
Thailand which is the second largest rice exporter is also encouraging its farmers to switch to crops that need less water as the nation braces for drier conditions with the onset of El Ni&ntilde;o. This comes as Thailand's main central growing area saw a 40% below normal rainfall and the government is looking to conserve water for household. This, however has caused supply disruption.
Last month India banned the export of non-basmatic rice to protect domestic interest sending shock waves across the globe. This price surge is expected to add more stress to the food inflation.

After banning non-basmati rice exports, India's basmati rice exporters receive early shipment requests from buyers seeking stable supplies

Indian basmati rice exporters see surge in early shipments requests amid non-basmati rice ban

After banning non-basmati rice exports, India's basmati rice exporters receive early shipment requests from buyers seeking stable supplies

Indian basmati rice exporters are experiencing a surge in requests from international buyers for early shipments, following New Delhi's recent ban on exports of non-basmati white rice.&nbsp;
The ban was put in place to stabilize local prices, which had soared by 3% within a month due to crop damage caused by heavy monsoon rains.
India, the world's leading rice exporter, has exported approximately 4.5 million metric tons of basmati rice during the 2022-23 period, with key buyers including Saudi Arabia, Iran, Iraq, UAE, Yemen, and the United States. Conversely, the banned non-basmati white rice was primarily purchased by countries such as Senegal, Benin, Togo, Bangladesh, and Cote d'Ivoire.
This ban marks the first time that India has prohibited non-basmati rice exports, though the country had previously levied export taxes on the product in 2008. India also surprised the market last year by banning wheat exports and later imposing restrictions on sugar and rice exports.
Despite facing challenges due to heavy rainfall and flooding in basmati rice-growing states such as Punjab, Haryana, Uttar Pradesh, and Himachal Pradesh, the outlook for basmati rice production in 2023 remains optimistic. Vijay Setia, an exporter, disclosed to Reuters that many farmers in Uttar Pradesh have been transitioning from non-basmati to basmati rice cultivation due to the latter's higher prices.
The increased demand for early shipments reflects the confidence of international buyers in India's basmati rice quality and its potential to meet their requirements. As exporters brace themselves for this heightened demand, they are optimistic about a fruitful year ahead.
Also Watch: <a href="https://www.editorji.com/business-news/imf-urges-india-to-lift-rice-export-ban-meanwhile-panic-buying-seen-in-us-stores-1690355390609">IMF urges India to lift rice export ban; meanwhile, panic buying seen in US stores</a>
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On July 20, the Indian government banned the export of non-basmati rice to bolster domestic supply and stabilize retail prices ahead of the festive season.

IMF urges India to lift rice export ban; meanwhile, panic buying seen in US stores

On July 20, the Indian government banned the export of non-basmati rice to bolster domestic supply and stabilize retail prices ahead of the festive season.

The International Monetary Fund (IMF) has called upon India to remove the ban on non-basmati white rice exports, citing potential adverse effects on global food prices. The Indian government had imposed the ban on July 20 to bolster domestic supply and stabilize retail prices ahead of the festive season.
Pierre-Olivier Gourinchas, Chief Economist of IMF, expressed concern that such export restrictions could exacerbate food price volatility worldwide. He stressed the importance of removing these limitations promptly to mitigate global implications.
Meanwhile, the ban has led to panic buying among Indians residing in the United States. Grocery stores run by the Indian community have reportedly hiked rice prices to exploit the situation. An NRI mentioned that a 9 kg bag of rice, which previously cost $15-16, now costs a whopping $46.99.
The situation has escalated further, with some desi grocery shops coercing customers into purchasing additional items worth $35-$50 to acquire a single bag of rice. Frontline reported an overall rise of around 11% in rice prices across the US.&nbsp;
Videos showing people frantically stockpiling rice, particularly sona masuri variety, have gone viral on social media. While their authenticity remains unverified, CNBC-TV18 independently confirmed the onset of hoarding in multiple states, including California, Chicago, New Jersey, and parts of Canada.
The ban's impact on the North American market has been notable, with the region importing 64,330 tonnes of non-basmati rice from India in 2022-23. India's diaspora markets in the Gulf countries and Europe have also been affected, with 6.95 lakh tonnes and 73,000 tonnes imported, respectively.
India's total non-basmati rice exports reached 17.78 million tonnes in 2022-23, up from 17.26 million tonnes in the previous year. However, the ban threatens to disrupt the country's export trajectory.
On Tuesday, IMF projected India's growth rate to reach 6.1% for fiscal year 2024, slightly higher from the 5.9% projected earlier.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/imf-projects-indian-economy-to-grow-at-6-1-in-2023-1690298751188">IMF projects Indian economy to grow at 6.1% in 2023</a>
Also Watch: <a href="https://www.editorji.com/partner/hindustan-times/wrestling-for-rice-in-u-s-after-india-bans-export-panic-buying-queues-across-america-watch-1690271204046">'Wrestling' for rice in U.S. after India bans export; panic buying, queues across America | Watch</a>
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The government is now discussing the plan to ban all the non-basmati rice which would lead to price rise globally as India accounts for 40% of world rice exports

India may ban rice exports amid rising domestic prices: Report

The government is now discussing the plan to ban all the non-basmati rice which would lead to price rise globally as India accounts for 40% of world rice exports

Amid rising domestic prices, India is considering to ban export of most varieties of rice, reported Bloomberg. This comes a day after food inflation data for June showed that it went up to 4.49%. As per the report, this move by India, the world&rsquo;s biggest rice shipper, may send already lofty global prices of the food staple higher as the disruptive El Ni&ntilde;o weather pattern returns.
The ban would lead to prices rising globally but will reduce the prices within the country. As per Bloomberg, the government is now discussing the plan to ban all the non-basmati rice, adding that authorities want to avoid risk of more inflation before elections.
Uneven rainfall in major rice producing areas has made the prices to go up to 20% in the last 10 days, reported Economic Times.&nbsp;
In 2022, 56 million tonnes of rice were exported by India. India accounts for more than 40% of world rice exports.&nbsp;
Last year, India banned broken rice exports and imposed a 20% duty on shipments of white and brown rice after Russia&rsquo;s invasion of Ukraine sent prices of food staples like wheat and corn soaring. The country has also restricted wheat and sugar exports.

India, the world's largest exporter of rice has imposed an export duty on the cereal and also banned international trade of broken rice starting today. 
According to a notification by the revenue department, an export duty of 20 per cent has been imposed on 'rice in husk (paddy or rough)' and 'husked (brown) rice. Export favourite basmati rice has not been placed on the export duty regime.
India, the world's second-largest rice producer after China, commands a 40 per cent share in the global trade. It exported non-Basmati rice to more than 150 countries in 2021-22. 
This year, paddy also saw lower cultivation, which is also raising rice prices. The total area under paddy cultivation as on September 2 is lower by 5.6 per cent to 383.99 lakh hectares, compared with 406.89 lakh hectares last year. 

Explained: Why India has added duty and ban on rice exports

India banned exports of broken rice and imposed a 20% duty on exports of various grades of rice

Here's why

India exports rice to more than 150 countries, and any reduction in its shipments would increase upward pressure on food prices

India, the world's largest exporter of rice has imposed an export duty on the cereal and also banned international trade of broken rice starting today.&nbsp;
According to a notification by the revenue department, an export duty of 20 per cent has been imposed on 'rice in husk (paddy or rough)' and 'husked (brown) rice. Export favourite basmati rice has not been placed on the export duty regime.
India, the world's second-largest rice producer after China, commands a 40 per cent share in the global trade. It exported non-Basmati rice to more than 150 countries in 2021-22.&nbsp;
Below-average rainfall in key rice-producing states such as West Bengal, Bihar and Uttar Pradesh has raised concerns over India's rice production. The country has already banned wheat exports and restricted sugar shipments this year.
This year, paddy also saw lower cultivation, which is also raising rice prices. The total area under paddy cultivation as on September 2 is lower by 5.6 per cent to 383.99 lakh hectares, compared with 406.89 lakh hectares last year.&nbsp;

rice prices

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