India's rice exports have seen a remarkable surge in October 2024, with export earnings reaching over $1 billion—specifically, $1.06 billion—marking an 86% increase compared to the previous year’s $565.65 million.

This boost is attributed to the government's recent policy changes aimed at liberalizing rice exports, such as the commercial export of white non-basmati rice, the removal of export duties on Sela rice, and the abolition of the Minimum Export Price (MEP) for both basmati and white rice varieties.

These steps have made rice exports from India more competitive in the global market, with the country benefiting from a significant uptick in rice export revenue.

In the first seven months of the 2024 financial year (April-October), India exported $6.02 billion worth of rice, representing a 5.27% increase from the previous year.

The sharp increase in October 2024 helped offset earlier shortfalls from the April-September period, where exports were down by about 3.33% compared to the same period in 2023.

These positive export results highlight the effectiveness of the government's proactive measures in boosting rice export volumes and revenue, reinforcing India's position as a major player in the global rice trade.