WITH PADDY OUTPUT likely to be hit by floods in parts of Punjab and deficient monsoon rainfall in eastern regions, the government has imposed a 20% export duty on parboiled rice, a move that comes after non-basmati white rice shipment was banned last month.
According to a finance ministry notification late on Friday, the export duty will be applicable from immediate effect and remain valid till October 15.
To contain spike in food inflation and increase domestic supplies, the government has taken a series of measures, including imposing 40% export duty on onion exports, restricting sugar exports to only 6 million tonne (MT) in the current season (October-September), allowing duty-free imports of pulses such as urad, mansoor and arhar and sharp reduction in imports duties on edible oils.
Trade sources told FE that the government is likely to announce a minimum export price of $1,200/tonne for the high-value basmati rice shipment. India exported 4.55 MT of the aromatic rice in FY23.
This story is from the August 27, 2023 edition of Financial Express Mumbai.
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This story is from the August 27, 2023 edition of Financial Express Mumbai.
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