Why India’s easing of export curbs is important to global rice trade

India has lifted most of its rice export restrictions imposed in 2023, expecting higher crop yields due to above-average monsoon rains. India, which contributed over 40% of global rice exports in 2022, saw a 20% drop in exports due to the restrictions, impacting prices and demand globally.

Over 50 metric tonnes of Hilsa fish have arrived in West Bengal from Bangladesh for the Durga Puja festival. The Fish Importers’ Association expects a total of over 2000 metric tonnes by October 12. The consignment has been distributed to various wholesale markets, with prices ranging from Rs 900 to Rs 1500 per kg.

India has lifted the ban on non-basmati white rice exports and set a minimum export price of $490 per tonne. The ban, in place since July 2023, was lifted to address food security needs of various countries. Key export destinations include Kenya, Mozambique, and Cameroon.

The government lifted the ban on non-basmati white rice exports, effective immediately, while introducing a minimum export price (MEP) of USD 490 per tonne. This change follows a prohibition since July 20, 2023, aimed at enhancing domestic supply. The policy amendment is issued by the Directorate General of Foreign Trade.

The government has exempted non-basmati white rice from export duty and reduced the levy on parboiled rice to 10 per cent. The export duty on husked and paddy rice has also been lowered to 10 per cent. These changes, effective from September 27, 2024, aim to boost exports and enhance farmers’ income.

India’s government has halved the export duty on parboiled rice from 20% to 10%, a year after the initial imposition due to production concerns. This decision follows the establishment of the Rice Federation Consulting Committee to address rice export challenges. Earlier in September, Centre removed the floor price for basmati rice, which is expected to […]

India will not purchase liquefied natural gas from Russia’s Arctic LNG 2 project, which is under Western sanctions due to the conflict in Ukraine. Oil Secretary Pankaj Jain confirmed that India avoids any sanctioned commodities. The Arctic LNG 2 project by Novatek faces restrictions from the United States and other Western nations.

India and Egypt have identified key areas for collaboration, including international trade settlement, digital payments, and investment in the Suez Canal Economic Zone. They also discussed market access issues on agricultural products and agreed to resolve them promptly. Both countries aim to increase trade and investment, with the next Joint Trade Committee meeting scheduled for […]

India’s steelmakers have urged the government to double tariffs on steel imports to 15% to counter a surge in cheaper shipments from China. The Indian Steel Association expressed concerns about the impact of these imports on local producers and requested additional measures to protect the industry.

Industry body Ficci has urged for strict punishment and enhanced surveillance to combat illicit trade, which is estimated at Rs 7.97 lakh crore annually across five key sectors, including apparel and FMCG. The illicit market in packaged foods alone was Rs 2.23 lakh crore in 2022-23, over one-fourth of the country’s packaged food market.