Govt lifts ban on exports of organic non-basmati rice | The Financial Express

Govt lifts ban on exports of organic non-basmati rice

The government had, in early September, banned the export of broken rice with an aim to increase domestic availability.

Govt lifts ban on exports of organic non-basmati rice

The government on Tuesday lifted the ban on exports of organic non-basmati rice, including broken rice, a move which would help in promoting the outbound shipments of the commodity.

Also Read: After imposing 20% duty on non-basmati rice, India bans export of broken rice

The government had, in early September, banned the export of broken rice with an aim to increase domestic availability.

This followed a 20 per cent duty on the export of non-basmati rice aimed at shoring up domestic supplies after prices surged in retail markets.

In a notification, the Directorate General of Foreign Trade said the export of organic non-basmati rice, including organic non-basmati broken rice, will now be governed by rules that prevailed before the September ban. Rice exports stood at USD 5.5 billion during April-September this fiscal. It was USD 9.7 billion in 2021-22, according to the commerce ministry data.

Also Read: Rice exports may decline by a quarter in FY23

“India exports about 10,000-15000 tonnes of organic rice (basmatic and non basmati) annually. The exports of organic basmati and non-basmti rice was growing rapidly in the last 4-5 years and the government has taken the right step to lift the ban,” All India Rice Exporters Association past president Vijay Setia said.

Food Corporation of India (FCI) MD Ashok K K Meena on November 23 has said that the government is regularly monitoring the price scenario of essential commodities and taking corrective measures as required.

“In comparison to last month, there is a marginal increase in retail and wholesale prices of wheat and wholesale price of rice. There is negligible hike in the retail price of rice and prices are under control,” he had said.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 29-11-2022 at 19:12 IST