India imposes 20% export duty on parboiled rice

 

India’s export duty on parboiled rice is likely to push global prices further. (AP pic)

NEW DELHI: The Indian federal government has imposed a 20% duty on the export of parboiled rice, officials said today, reported Xinhua.

The order was issued by the ministry of finance on Friday evening with the aim of checking the price rise while ensuring ample supplies in the domestic market.

As per the notification, the export duty shall come into force with immediate effect and will remain applicable until Oct 16, 2023.

With these new curbs, India has now imposed restrictions on all varieties of non-basmati rice, which constitutes about 25% of India’s total rice exports.

The imposition of a 20% on the export of the parboiled variety is likely to push global prices further.

Last month, the International Monetary Fund encouraged India to remove restrictions on the export of a certain category of rice, saying it would have an impact on global inflation and exacerbate volatility in food prices in the rest of the world. - FMT