Consumers are facing difficulty due to 10-15% increase in rice prices

10-Oct-2024 08:50 PM

New Delhi. After the Central Government lifted the ban on commercial export of non-basmati white rice and reduced the export duty on Sela rice from 20% to 10%, its price has increased by 10 to 15% in the domestic sector.

On the other hand, the price of rice in the global market has come down by 15%. Experts say that there is a good demand for Indian rice in the international market and Indian exporters have started lifting it in large quantities from the domestic market, which is having a psychological effect on the prices.

Although there is sufficient stock of rice in government warehouses and with the arrival and purchase of Kharif paddy starting, the stock is expected to increase continuously in the coming months, but till the supply and availability in the open market does not increase,

the trend of rising and strengthening in the price of rice may continue because whatever surplus stock is there will continue to be exported rapidly. African countries have started buying Indian white rice in large quantities.

On the other hand, the price of special variety of rice in Thailand has come down from $ 800 to $ 710 per tonne. With the opening of export of Indian white rice, other major exporting countries like Thailand as well as Vietnam, Myanmar and Pakistan are being forced to reduce the export offer price of their rice.

According to trade analysts, the domestic market price of rice of all varieties and categories has increased by 10-15 percent within the last eight-ten days and it is unlikely to fall in the near future.

Rice exports from India declined by 6.5 percent to $ 10.42 billion during 2023-24 as compared to 2022-23. India's share in the global export market of rice remains between 40-45 percent. India remains the world's leading exporter of rice.