The authorities has no plans to ban or limit exports of rice at this stage, given the excess home shares and the prospects of a bumper kharif manufacturing, officers mentioned on Thursday, scotching romours that shipments of the grain could also be curbed.
The authorities had put a ban on wheat exports on May 13, amid fears of a looming scarcity within the home markets.
Officials mentioned the present inventory of rice with the Food Corporation of India (FCI) is sort of 3 times the buffer norm. Also, with expectation of ‘normal’ monsoon rains this yr, rice manufacturing could be strong within the forthcoming kharif season. “We are bullish on the current year’s rice exports,” a commerce ministry official informed FE. Another ministry official mentioned a ban on rice exports was not into consideration.
India has exported about 20 million tonne (MT) of rice value a report $9.6 billion to greater than 150 nations in 2021-22. It has been the world’s largest rice exporter of the grain within the final decade.
“Rice is not an item to be considered for any export ban or restrictions at this point of time,” BV Krishna Rao, president, Rice Exporters Association, mentioned.
Stating that India has near 50% share in international commerce of rice, Rao mentioned that any restriction on exports might deprive cheaper staples to weak sections of the globe, particularly to Africa. “Unlike wheat, there is no global inflation in rice which can hit India, as global prices are below the minimum support prices,” he mentioned.
Trade sources mentioned round 2.5 to three MT of rice which incorporates basmati and non-basmati varieties have already been shipped out in April and May of 2022-23.
The FCI as of May 1, 2022, had rice inventory of greater than 33 MT towards the buffer norm of 13.54 MT for the month of July. However, this inventory excludes near 18 MT of rice but to be obtained from the millers by FCI.
According to the United States division of agriculture rice outlook report for April, the worldwide commerce within the 2022 calendar yr is projected at a report 52.5 MT out of which India’s rice exports are projected to be round 21 MT whereas Vietnam will ship round 6 MT of rice.
As per DGCIS knowledge, India exported rice to over 150 nations in 2021-22. “It indicates the diversification of India’s rice export over the years,” a commerce ministry official mentioned.
India exports fragrant and lengthy grain basmati rice to Saudi Arabia, Iran and different West Asian nations in addition to to the US and European Union.
In the case of non-basmati rice cargo, West African nation Benin is without doubt one of the main importers of non-basmati rice from India. India exports non-basmati rice to Nepal, Bangladesh, China, Cote D’ Ivoire, Togo, Senegal, Guinea, Vietnam, Djibouti, Madagascar, Cameroon, Somalia, Malaysia, Liberia, the United Arab Emirates, and many others.
As per the third advance estimates of foodgrain manufacturing for the 2021-22 crop yr (July-June), the rice manufacturing is estimated at a report 129.66 MT, which is a rise of 4% from the 2020-21 crop yr.
More than 80% of India’s rice manufacturing is grown within the kharif season. India is the world’s second-largest rice producer after China.
Source: www.financialexpress.com”