Trade and government sources said India is not planning to curb rice exports as the world’s largest exporter has enough stocks and local rates are lower than the state-set support price.
India banned wheat exports on May 14, just days after New Delhi forecast a record shipment of 10 million tonnes this year as a heat wave hit production and sent domestic prices to record highs. Gave.
“We have sufficient stock of rice and there is no concern in terms of prices or availability for export and domestic needs,” said a senior government official involved in the decision-making.
“At this stage, there is no thought on restricting the export of rice,” the source said.
Rice exports from India, which is the world’s second largest consumer of the grain, rose to a record 21.2 million tonnes in the financial year to March 2022, from 17.8 million tonnes in the previous year.
Rice prices fall despite exports rising India BV Krishna Rao, president of the All India Rice Exporters Association, said large-scale stock and local procurement by the Food Corporation of India (FCI) is increasing.
The stock of milled and rice paddy in FCI stood at 66.22 million tonnes against the target of 13.58 million tonnes.
“There is no need to impose any restriction on export of rice. “The war in Ukraine affected wheat production and prices, but … the Black Sea region is neither a major producer nor a consumer of rice.”
The deficit widened this week to $354 a tonne from $350 in India’s rice export prices, the lowest in more than five years.
From the crop year to June 2022, India’s rice production increased to a record 129.66 million tonnes from the previous year’s 121.1 million tonnes.
Higher production has forced FCI to buy more rice from domestic farmers, taking a record 80.4 million tonnes of rice paddy from producers so far this year, as against 77 million tonnes in the same period last year.
“FCI purchases are increasing and it is an indication that there is no shortage, so there is no logic to ban rice exports,” Rao said.
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