The Center has imposed a 20% duty on exports of Non-Basmati rice and paddy from India. So, If you are a rice exporter, what does it mean for you? Well, do not panic! Watch this video to know how your business can still be safe!
👉 India on Thursday imposed a 20% duty on exports of various grades of rice as the world's biggest exporter of grain tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting.
👉 India exports rice to more than 150 countries, and any reduction in its shipments would increase upward pressure on food prices, which are already rising because of drought, heat waves, and Russia's invasion of Ukraine.
👉 The new duty is likely to discourage buyers from making purchases from India and prompt them to shift towards rivals Thailand and Vietnam, which have been struggling to increase shipments and raise prices.
The government has excluded parboiled and basmati rice from the export duty, which will come into effect from Sept. 9.
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