India Resumes White Rice Exports to Boost Global Supplies
India has given the green light for exports of non-basmati white rice to resume, as the country’s rice inventories swell and farmers gear up for a new crop. This move is expected to increase global supplies and lower international prices by putting pressure on other major rice exporters like Pakistan, Thailand, and Vietnam to cut their rates.
The Indian government has set a minimum price of $490 per metric ton for non-basmati white rice exports, following a decision to eliminate export tax on white rice. This decision comes after a series of measures to ease restrictions on basmati and parboiled rice exports.
With abundant monsoon rains boosting rice planting, India’s rice stocks have increased significantly, allowing the government to relax export curbs and provide a much-needed income boost to farmers. Despite the export tax and minimum price for white rice, Indian rice remains competitive in the global market.
This move is expected to benefit rural farmers and help India regain its position in the global rice market, according to industry experts.