Representational image of workers weighing and packing rice bags
| Photo Credit: Reuters
The Directorate General of Foreign Trade (DGFT) has removed the minimum export price for non-basmati white rice.
In a notification on Wednesday, the DGFT removed the $490 a tonne minimum export price on non-basmati white rice with immediate effect. Similarly, the Department of Revenue on Tuesday removed the export duty on par-boiled rice.
The government introduced restrictions on rice exports in 2022. Last month, it removed non-basmati white rice from the prohibited list to free, subject to a minimum export price of $490 a tonne and reduced the export duty on par boiled rice to 10% from 20%.
With the notifications issued now, export of non-basmati white rice and par-boiled rice is without any restrictions.
B.V. Krishna Rao, president of the Rice Exporters’ Association, said the international demand for rice was good and Indian exporters were confident of getting back the orders lost due to the restrictions. On a year-on-year basis, the exports this year were expected to be the same as 2022, he said.
According to M. Sivanandan, president of the Mannachanallur Taluk Rice Mill Owners Association, the removal of restrictions is a welcome measure as prices are down in the domestic market and permitting exports will stabilise prices in the domestic market too.
Published – October 24, 2024 03:50 am IST