The Government of India is continuously taking several steps to provide relief to the general public on the inflation front. The price of rice is continuously increasing in the country. The central government is taking several steps to control the price of the most commonly used rice. In the last few months, the Central Government has taken many such steps which have helped in providing relief to the public.
The price of rice is continuously increasing in the international market. In view of the rising price of rice, the Central Government does not seem to be in a position to lift the ban imposed on its export. All restrictions related to rice exports are likely to continue till next year. This decision of the Indian government can have a negative impact on the prices of rice at the international level. Internationally, the price of rice may become the most expensive since 2008.
India is the largest exporter of rice
India ranks first in exporting rice across the world. India exports more than 40 percent rice to the world. Indian rice goes to many countries like Africa. Earlier, the Central Government had imposed export duty on the export of broken rice. The export of non-Basmati rice was also banned by the Central Government. The decision to ban the export of non-Basmati rice was taken in July this year. After some decision by the Central Government, the prices of rice increased in August 2023, which was the highest in the last 15 years.
Rice prices increased
The prices of rice are continuously increasing in the international market. According to the report of the United Nations Fertilizer and Agriculture Organization, the price of rice has increased by 24% in the last one year. There are many factors involved in the increase in rice prices, the main reasons being tax season and low rice production due to low rainfall.