Aug 26, 2023 at 5:54 PM Update: 5 hours ago
The Indian government has imposed additional restrictions on rice exports to ensure food security at home. For example, an export tax of 20 percent on pre-cooked rice will be levied immediately, the Ministry of Finance announced.
The move by India, the world’s largest rice exporter, is expected to put further pressure on global rice supplies. The country’s share of the global rice trade is about 40 percent. India hopes that the price of rice in the home market will fall with the new export restriction.
Earlier this month, Asian rice prices rose to their highest level in nearly 15 years. This was partly because there was much less rain than usual in Thailand. As a result, rice farmers can produce less. In addition, the government of Thailand has asked farmers to plant less rice to save water.
As a result, rice threatens to become even more scarce worldwide. Thailand is the second largest grain exporter.
Image: AFP
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India Economy
2023-08-26 15:54:35
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