Rice prices in the domestic market have increased 10-15% as the global demand for Indian rice. Global rice prices had soared to their highest level in more than 15 years following India’s decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports. India’s rice exports in 2023-24 totalled $10.42 billion, down 6.5% from the previous financial year.
The move follows a reduction in export duties and comes with the country’s sufficient rice stock. Domestic prices are expected to stay firm until the new crop arrives. Prices of Swarna, the most common rice, which is exported to Africa and other smaller nations have increased to Rs 41 per kg from Rs 35 per kg. Prices of all kinds of non-basmati rice have gone up in the last one week by 10-15%. They are unlikely to come down any soon.
Presentation – Dibyabharati Nayak
