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Recently, India banned non-basmati white rice in a move to stabilize rice prices in the domestic markets of the country and this has raised troubles for leading rice importers as they struggle to source the staple in the global market. On top of it, speculations like 20% export duty on non-basmati parboiled rice by leading Parboiled rice exporter -India, adds to the problem.
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Government Officials Deny Media Reports Of Considering Export Tax On Government Officials Deny Media Reports Of Considering Export Tax On Parboiled Rice Variety Parboiled Rice Variety Referring to market speculations that India is likely to impose 20% export duty on non-basmati parboiled rice, Food Secretary of India, Mr. Sanjeev Chopra said in a statement that there are no proposals as such at the moment. India is the largest rice exporter and second largest rice producer in the world and any such measure is likely to weigh heavily on the global rice market. Recently, India banned non-basmati white rice in a move to stabilize rice prices in the domestic markets of the country and this has raised troubles for leading rice importers as they struggle to source the staple in the global market. On top of it, speculations like 20% export duty on non-basmati parboiled rice by leading Parboiled rice exporter -India, adds to the problem. Market Speculations Market Speculations Recently, there were speculations by well-established news agencies and media houses that India after restricting non-basmati white rice export, might extend similar restrictions to non-basmati parboiled rice export as well.
Market sources informed that news agencies are speculating that government might impose a 20% duty on non-basmati parboiled rice exports, with a minimum export price (MEP) for basmati rice as well. However, news agencies left the room for speculation by concluding that all of this depends on several factors including rice prices in the domestic markets of the country. Statements By The Officials Statements By The Officials When asked about whether India was mulling to impose an export tax or introduce a floor price for parboiled rice exports, Mr. Sanjeev Chopra, Food Secretary of India said, “There is no proposal as of now to restrict parboiled rice exports.” He also clarified that there are no discussions with respect to importing wheat from Russia as well. Last week, news agencies repeatedly brought to light that the Government of India (GOI) is mulling over importing wheat from Russia via diplomatic routes to calm rising prices ahead of national elections next year. The Bottom Line The Bottom Line To sum it up, rice is one of the most consumed agro-commodity for billions of people in Asia and Africa and surge in prices owing to supply chain disruptions could add inflationary pressures and boost import bills for buyers around the world. Putting speculations to rest, Mr. Sanjeev Chopra, Food Secretary of India said in a press conference on 22nd of August, 2023 that India-the leading rice exporter does not plan to impose 20% duty on exports of non-basmati parboiled rice, anytime soon. If you are a Rice Exporter looking to export bulk rice or are a rice importer looking to import bulk rice, then Tradologie.com is the platform for you. Tradologie has over 600,000 verified buyers and 70,000+ verified suppliers in its network and through the platform, you can connect and conduct bulk trade of food and agro-commodities with ease. To register as a seller, click here. To register as a buyer, click here. To stay updated with the recent happenings of the agro-trade industry, do follow Tradologie across all social media channels.