India lifted restrictions on exports of non-basmati white rice, allowing traders to sell the grain on the global market. This decision comes as the country's rice stocks have surged, and farmers are preparing to harvest a new crop in the coming weeks. Increased rice exports from India are expected to boost global supplies and lower international prices, putting pressure on other major rice exporters like Pakistan, Thailand, and Vietnam to reduce their prices. New Delhi has set a minimum price of $490 per metric ton for non-basmati white rice exports, following a government order that eliminated the export tax on white rice. This move is part of a series of measures to ease export restrictions on various rice varieties, including basmati and parboiled rice. India also reduced the export duty on parboiled rice from 20 per cent to 10 per cent. The government's decision to remove the floor price for basmati rice exports aims to support farmers by increasing their access to lucrative overseas markets in Europe, the Middle East, and the United States. India imposed restrictions on rice exports in 2023 due to concerns about poor monsoon rains caused by the El Nino weather pattern. These restrictions were extended until 2024 to stabilise local prices before the national election in April-June. Attribution: Reuters Subediting: M. S. Salama
