Export of non-basmati white rice: The Central government on Wednesday lifted the minimum export price (MEP) of USD 490 per tonne for non-basmati white rice exports, a decision intended to boost the commodity's overseas shipments. This comes nearly months after, the government on September 28 withdrew a blanket ban on overseas shipments of non-basmati white rice and imposed the floor price.
"The requirement of MEP for the export of non-basmati white rice...has been lifted with immediate effect," the Directorate General of Foreign Trade (DGFT) said in a notification.
Ban imposed in July 2023
The government had implemented a ban on non-basmati rice exports on July 20, 2023.
These measures came at a time when the country has ample stock of rice at government godowns and retail prices are also under control. Earlier, the government had also removed the minimum export price for basmati rice to encourage exports and improve farmers' earnings.
USD 201 million white rice exported
The country exported non-basmati white rice worth USD 201 million during April-August this fiscal. It was USD 852.52 million in 2023-24. Though there was a ban on the exports, the government was allowing the shipments to friendly nations like Maldives, Mauritius, the UAE and African countries.
This variety of rice is widely consumed in India and it also has demand in global markets, particularly in nations which have large Indian diaspora.
The ongoing war between Russia and Ukraine is among the factors that have disrupted the foodgrain supply chain.
Also Read: NFO Investment Guide: Check THESE criteria before you invest in new mutual fund scheme
