Half of shipments will be affected by the ban. 40 percent of the world’s rice exports come from India. The world’s largest exporter of the grain, India, will see an approximately halving of its shipments because of the decision, which has raised concerns about future food market inflation.
India has prohibited the export of non-basmati white rice in an effort to reduce local inflation, increasing concerns about potential future hikes in the price of food globally only days after Russia’s termination of a significant grain agreement drove wheat and maize prices soaring.
Following the failure of a 20% levy on international exports announced in September to reduce foreign demand, which has increased as a result of adverse weather conditions, the immediate embargo was implemented after heavy rains damaged domestic crops.
Even though higher-grade basmati rice, the most popular variety in India, is exempt from the restriction, non-basmati white rice makes up roughly 25% of exports.
Non-basmati white rice was to be banned, the government announced, after retail rice prices increased 3% in a month due to substantial but late monsoon rains that seriously harmed crops.
The restriction, which went into effect on Thursday night, was announced by the Indian government, who claimed it would “ensure adequate availability of non-basmati white rice in the Indian market” and cut prices for Indian customers.
In the months leading up to state and national elections next year, the BJP government in Delhi is under pressure due to skyrocketing food inflation.
Following India’s action, the cost of rice from other Asian nations increased on international markets, and merchants predicted further price increases in the coming days.
Russia’s war in Ukraine has harmed the world’s food supplies and increased the cost of commodities and grains. Russia’s decision to leave the year-old UN-mediated Black Sea grain project, which ensured safe passage for ships carrying cereals, earlier this week has sparked new worries about a worldwide food crisis
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