Now let’s take the trouble of rice? |
Today – from September 9, India has started to apply export controls on several types of rice. “Financial Times” newspaper writes that this step may affect the global market.
India is the world’s largest exporter of rice, accounting for nearly 40 percent of global trade. Unpolished white rice, refined brown rice, semi-refined or fully-refined rice for export 20 a percentage fee has been imposed. The ban does not apply to India’s popular basmati rice.
The Ministry of Finance, which issued a statement on the evening of September 8, explained this step by “circumstances requiring immediate action”.
Prime Minister Narendra Modi government is taking measures to strengthen food security and curb inflation. The supply chain disruptions caused by the Covid-19 pandemic and the war in Ukraine have created tension over recent issues.
Professor, Indian Council of Research on International Economic Relations Ashok Gulati told the newspaper that export restrictions “will help to moderate domestic inflation on cereals”.
Professor, Indian Council of Research on International Economic Relations Ashok Gulati told the newspaper that export restrictions “will help to moderate domestic inflation on cereals”.
“Financial Times” notes that monsoon rains in India have been erratic this year, which has fueled concerns about yellow fever, which could lead to a decline in rice production. Inflation is close to 7 percent, although the Reserve Bank of India has set a target of 4-6 percent.
India 2020-8.8 in fiscal year 2021 billion exported rice worth USD. The largest markets for non-basmati rice are Nepal, Bangladesh, United Arab Emirates, Iraq, Malaysia and West Africa.
Vietnam and Thailand, which occupy the next places in terms of rice exports, are expected to increase grain exports.