In response to a bumper paddy crop and sufficient domestic rice stocks, the Indian government has removed all restrictions on rice exports. In its latest move, the government abolished the Minimum Export Price (MEP) of $490 per tonne for non-basmati white rice. This follows the earlier removal of export duties on Sela and brown rice.
On Wednesday, a notification from the Directorate General of Foreign Trade (DGFT) confirmed the immediate removal of the MEP for non-basmati white rice. This completes a series of policy changes to promote rice exports after the government lifted an export ban on non-basmati white rice but initially set an MEP.
India, which banned rice exports in July 2023 to control prices amid a weak monsoon, saw a significant decline in exports during the current financial year. The country’s global rice market share reached at 40 percent two years ago, with over 200 lakh tonnes exported.
These changes, aimed at boosting rice exports and stabilizing falling paddy prices, come ahead of assembly elections in Jharkhand and Maharashtra next month, adding a political dimension to the government's economic policies.
