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Prices Hike : Be very careful before taking financial decisions. Any difference..it will have a profound effect. It is known that the central govt has lifted the ban on exports of non-basmati rice.
The minimum support price for exports has been set at $490. This is a good decision for farmers. Farmers can sell their rice at a higher price, especially in countries like the US where demand is high. But this move has pushed up domestic rice prices.
So far, the central govt has imposed a ban on exports because domestic prices are increasing. On July 20, 2023, it took a decision to ban exports of non-basmati white rice. The rising prices have come down a bit. Now the central govt is saying that the supply of rice in the country is good and hence there will be no shortage and the price will not increase. But the traders are also at risk of creating a shortage of raw materials and increasing the prices.
India ranks first among rice exporting countries in the world. As rice exports from India stopped, there was a shortage of rice in many countries and the prices went up. Now there is a possibility of price reduction in those countries. Hence the risk of price rise in our country in reverse is more and more.
It is known that the central govt has cancelled the minimum support price on the export of basmati rice. Export duties were also abolished. It reduced the levy on parboiled rice by 10 percent. Therefore, the export duty on brown rice and paddy grain has also been reduced by 10 percent. All these are decisions that come together for the farmers. However, there is also an argument that the central govt has taken this decision because of the assembly elections in Haryana.
