Rice prices have surged to their highest level in 12 years across the global market, stirring concerns about food security and economic stability. As a response to this unprecedented surge, the Government of India has implemented measures to stabilize the situation.
Global Rice Prices Reach 12-Year High
To ensure domestic food availability and curb inflation, India has taken decisive actions regarding its rice exports. The government has placed a ban on the export of all non-basmati rice, a move that affects nearly 80 percent of the rice exported from the country. Additionally, the export of all non-white basmati rice was also prohibited on July 20.
India’s Response to Unprecedented Surge
In an effort to further manage the export dynamics, starting from August 25, a 20 percent duty has been imposed on the export of Parboiled Rice. This strategic move aims to strike a balance between safeguarding the domestic market and navigating the complexities of global trade.
The simultaneous implementation of these measures underlines India’s commitment to maintaining food security and managing the impact of escalating rice prices. As the nation addresses these challenges, the global rice trade landscape experiences a notable shift, with implications for both producers and consumers worldwide.
