Export Duty on Rice: Modi Government Imposes 20% Tariff on Parboiled Rice With Immediate Effect To Curb Rising Prices
The decision to impose a 20 per cent export duty on parboiled rice will make purchasing the commodity expensive for foreign buyers, thus limiting its overseas sales and at the same time boosting its domestic availability.
New Delhi, August 26: Just days after assuring that there are no plans to restrict export of non-Basmati parboiled rice, the Centre late on Friday imposed 20 per cent export duty on par-boiled rice with immediate effect. The decision was taken to curb the rising prices of rice, and it comes at a time when food inflation for July had skyrocketed to 11 per cent, pushing the retail inflation for the month to 7.44 per cent.
The decision to impose a 20 per cent export duty on parboiled rice will make purchasing the commodity expensive for foreign buyers, thus limiting its overseas sales and at the same time boosting its domestic availability. 40% Export Duty on Onions: Centre Asks Farmers Not to Worry About Export Curbs as Govt Restarts Procurement at Rs 2,410 Per Quintal for Buffer Stock.
India had halted the export of white rice on July 20, sending global prices to a 12-year high as measured by the Food and Agriculture Organization’s (FAO) rice price index. Government Prohibits Export of Non-Basmati White Rice, Says DGFT Notification.
The fresh curb on the export of the parboiled variety is likely to accelerate global prices further. Finance minister Nirmala Sitharaman on Friday had said that curbing inflation was a priority area for the government at present.
(The above story first appeared on LatestLY on Aug 26, 2023 04:44 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).