Amid an escalating global rice crisis, the most severe in two decades, India’s export bans on rice varieties have only fueled the fire, causing international concern.

The situation is particularly precarious for developing nations that depend heavily on this staple food.

The repercussions of these actions, initiated by India, which holds 40% of the global rice market share, are far-reaching, pushing rice prices up by 15-20%, the highest surge in nearly 12 years.

India Tightens The Reins

India first imposed a 20% duty on certain rice varieties in September 2022, followed by a prohibition on broken rice exports. The situation worsened in July 2023 when the ban was extended to plain white long grain rice.

The goal? To secure sufficient rice for India’s domestic market and deflate consumer prices within the country. This strategy is a response to India’s struggle with food insecurity.

Published Date: December 31, 2023