Delhi: Center imposes 20 per cent duty on export of parboiled varieties to curb rise in rice prices. Through this, the price of rice may decrease by two rupees per kg. With this, it is estimated that the stock of rice in the country can be ensured. This duty has been imposed till October 16. At present, no duty is levied on rice delivered to the ports. The reason for the rise in prices is a significant reduction in paddy production. The price of parboiled rice has been increased by 19% from April 2023.
India will impose with immediate effect a 40% export duty on onions up to Dec. 31 in an attempt to improve domestic availability of the vegetable, the ministry of finance said
The increase in the price of rice in the international market is 26 percent. 30 percent of wormwood in the international market is from India. Therefore, with the increase in duty, the price of rice in the international market is likely to increase further. The increase in export duty will be a setback for countries like Nepal and Bangladesh. These countries depend on rice from India. Earlier, the Center had completely banned the export of White rice. The export was stopped to prevent price rise. But it has seriously affected African countries.
According to a notification issued by the finance ministry late on Friday night, the duty will remain in effect till October 15. The government will also soon announce the minimum export price (MEP) for basmati to ensure that other varieties of rice are not exported.
Although the finance ministry has announced that the export duty will come into effect immediately, traders said that exporters who had contracted before the notification was issued are allowed to export their goods at zero duty till October 15. October 15 is considered to be the time when the central government will have a reasonable agreement on rice production.
“The Food Corporation of India (FCI) will start procurement of rice to the central pool from October 1 and by October 15, it will have a fair idea based on arrivals. After that, the Center can even ban exports of parboiled rice,” said a trade source, who did not want to be identified.
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