Indian rice exporters expect to face challenges due to policy risks and high prices in 2024
The Hindu
Indian rice exporters anticipate challenging year in 2024 due to policy uncertainties and high prices.
Indian rice exporters anticipate 2024 to be a challenging year marked by policy uncertainties and elevated local prices, hindering the normalisation of rice exports from the country.
According to S&P Global Commodity Insights, the Indian Government's policy intervention in 2023, including banning non-Basmati white rice exports, imposing a 20 per cent duty on parboiled rice exports, and setting a minimum export price of ₹950/ million tonnes (mt) for Basmati, will continue to impact the market.
Despite global repercussions and multi-year high prices, indications suggest that restrictions are likely to continue at least until the first half of 2024.
The Indian government's decision to curb rice exports was prompted by escalating domestic prices and the desire to ensure adequate supply for the country.
Most industry experts anticipate that the government will not ease restrictions before the general election, which is scheduled for April-May 2024.
The fall in rice production during the 2023-24 kharif season, influenced by El Nino-induced dry weather conditions, further complicates the supply situation. The US Department of Agriculture's projection for total rice production in India for the October-September period is 128 million mt, down from 135.5 million mt the previous year.
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