{"id":7322,"date":"2023-08-28T11:14:25","date_gmt":"2023-08-28T11:14:25","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=7322"},"modified":"2023-08-28T11:17:29","modified_gmt":"2023-08-28T11:17:29","slug":"centre-imposes-price-curbs-on-basmati-rice-export","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/centre-imposes-price-curbs-on-basmati-rice-export\/","title":{"rendered":"Centre imposes price curbs on basmati rice export"},"content":{"rendered":"\n<p>The move is likely to slow down the export of one of India\u2019s most sought-after, high-value export items.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"550\" height=\"309\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-177.png\" alt=\"\" class=\"wp-image-7323\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-177.png 550w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-177-300x169.png 300w\" sizes=\"(max-width: 550px) 100vw, 550px\" \/><\/figure>\n\n\n\n<p>The government has now deployed a full gamut of export restrictions on cereals on the back of high food inflation. (Vipin Kumar\/HT photo)<\/p>\n\n\n\n<p>The Union government has temporarily halted export of any basmati rice consignment being sold overseas for less than $1,200 a tonne, while shipments contracted above that price threshold will continue to be allowed, according to an order issued on Saturday.<\/p>\n\n\n\n<p>The move is likely to slow down the export of one of India\u2019s most sought-after,\u00a0high-value export items. The country shipped basmati rice worth over $4.79 billion in 2022-2023, mostly to the Middle-East and the US.<\/p>\n\n\n\n<p>Battling persistent high food prices, the world\u2019s largest exporter of the grain banned the export of all grades of non-basmati white rice on July 20, sending global prices to a 12-year high, as measured by the\u00a0Food and Agriculture Organisation\u2019s (FAO) rice price index. The fresh curbs on basmati export are likely to accelerate global prices further.<\/p>\n\n\n\n<p>A commerce ministry order reviewed by HT said the new regulations on basmati export comes after \u201ccredible information\u201d that non-basmati rice was being shipped out using export provisions that apply to the aromatic basmati variety.<\/p>\n\n\n\n<p>A letter from the commerce ministry to the Agriculture and Processed Food Products Export Development Authority (APEDA), a regulatory body, on August 26\u00a0imposed a set of conditions on basmati exports\u00a0that could dent India\u2019s export earnings. The letter states that all overseas basmati sale contracts with a \u201cvalue of below $1,200 per metric tonne should be kept in abeyance\u201d.<\/p>\n\n\n\n<p>It further says that all such export contracts \u201cmay be evaluated by a committee set up by the chairman, APEDA\u201d.<\/p>\n\n\n\n<p>It is likely that these exports would be allowed only after scrutiny by a committee to be set up, as stated in the order.<\/p>\n\n\n\n<p>Basmati export contracted above a price value of $1,200 per tonne are allowed to be exported as usual.<\/p>\n\n\n\n<p>The government has now deployed a full gamut of export restrictions on cereals on the back of high food inflation, which rose a sharp 11% in July, as the overall consumer inflation rate accelerated to a 15-month high of 7.44%.<\/p>\n\n\n\n<p>Traders alleged that the new regulations in effect sets a minimum export price on basmati rice, a commodity whose exports are not usually curbed because it is a premium variety of cereal that is mostly exported.<\/p>\n\n\n\n<p>\u201cThis will give an advantage to Pakistan, which also grows basmati,\u201d a north Indian trader said on condition of anonymity.<\/p>\n\n\n\n<p>This year, the government has focused on bolstering domestic food stocks due to concerns over an uneven monsoon that could be impacted by the El Nino weather pattern.<\/p>\n\n\n\n<p>An El Nino, a global weather pattern marked by warmer ocean temperatures, often causes drought in the country by suppressing the monsoon, vital for Asia\u2019s third-largest economy.<\/p>\n\n\n\n<p>The fight to control cereal inflation has been two-pronged. One, the government has stopped or curbed exports, and two, it has been releasing stocks from state-held granaries.<\/p>\n\n\n\n<p>Last week, the government imposed an export duty of 20% on parboiled rice.<\/p>\n\n\n\n<p>On August 8, the Centre announced it would release 5 million tonnes of additional wheat and 2.5 million tonnes of rice through auctions.<\/p>\n\n\n\n<p>The government has also decided to reduce the reserve price of rice, from&nbsp;\u20b931 per kg to&nbsp;\u20b929 per kg, to improve \u201cofftake\u201d, or quantities actually sold to traders.<\/p>\n\n\n\n<p>\u201cThe current risk to food inflation emanates from excess rain damage to vegetables. Looking at current production trends, pulses are in a vulnerable position,\u201d Dharmakirti Joshi, chief economist at Crisil Ltd, wrote in a recent research note.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move is likely to slow down the export of one of India\u2019s most sought-after, high-value export items. The government has now deployed a full gamut of export restrictions on cereals on the back of high food inflation. (Vipin Kumar\/HT photo) The Union government has temporarily halted export of any basmati rice consignment being sold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[215,160,159],"class_list":["post-7322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-basmati-rice","tag-rice-export","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Centre imposes price curbs on basmati rice export - Rice News Today<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Centre imposes price curbs on basmati rice export - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"The move is likely to slow down the export of one of India\u2019s most sought-after, high-value export items. 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