Representative image of workers weighing and packing rice bags | Photo credit: Reuters
The Directorate General of Foreign Trade (DGFT) has abolished the minimum export price for non-basmati milled rice.
In a notification on Wednesday, the DGFT removed the minimum export price of $490 per tonne for non-basmati milled rice with immediate effect. Similarly, the Finance Ministry on Tuesday removed the export tax on parboiled rice.
The government has introduced restrictions on rice exports in 2022. Last month, it removed non-basmati milled rice from the prohibited release list, with a minimum export price of $490 per tonne, and reduced the export tax on parboiled rice to 10% from 20%.
With the notifications now issued, export of non-basmati milled rice and parboiled rice will be without any restrictions.
BV Krishna Rao, chairman of the Rice Exporters’ Association, said international demand for rice was good and Indian exporters were confident of regaining orders lost due to the restrictions. On an annual basis, exports this year were expected to be the same as in 2022, he said.
According to M. Sivanandan, president of Mannachanallur Taluk Rice Mill Owners Association, lifting restrictions is a welcome move as prices have fallen in the domestic market and allowing exports will also stabilize prices in the domestic market .
Published – Oct 24, 2024 03:50 IST
