Govt Extends Export Duty On Parboiled Rice Till March 31 Next Year

In a latest move, the government on October 13 extended duty on export of parboiled rice by over five months till March 31, 2024.

The 20% export duty on parboiled rice was levied on August 25 till October 16 in an effort to maintain sufficient local stock and keep domestic prices under control. The finance ministry through a notification extended the duty till March 31, 2024, according to a PTI report.

With these curbs, India has now imposed restrictions on all varieties on non-basmati rice. Non-basmati white rice constitutes about 25 per cent of the total rice exported from the country, stated the PTI report.

In July, the government banned export of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season.

Earlier last year in September, exports of broken rice were banned. In the April-June period this fiscal, about 15.54 lakh tonnes of non-basmati white rice was exported against only 11.55 lakh tonnes in the year-ago period, added the PTI report.

The ban on exports of non-basmati white rice was imposed due to the rise in prices of the foodgrain and higher exports.

The annual retail or consumer price inflation was at a three-month low of 5.02 per cent in September. India's total exports of basmati rice stood at $4.8 billion in 2022-23, while in volume terms it was at 45.6 lakh tonnes.

Exports of non-basmati stood at $6.36 billion in the last fiscal. In volume terms, it was 177.9 lakh tonnes.