Pierre-Olivier Gourinchas noted that these types of rice restrictions could lead to 'retaliatory measures.' He also said that global grain prices could rise by 10-15% this year.
Even as rice prices have risen 11% year-on-year in July, the government has taken several steps in last few months to cool inflation in the key food grain.
The price of Indian rice exports has jumped 9% to a five-year high, following a hike of 7% last month in the price the government pays farmers for new-season common rice.
PB 1121 Basmati rice has become prone to diseases, leading to increased use of chemicals by farmers. But high level of fungicide residue has led EU importers to reject consignments.
Following requests, India would allow exports to Indonesia, Senegal and Gambia in 2023-24. It also approved request from Nepal and allowed exports in current financial year.
On 8 Sept, India banned exports of broken rice & imposed a 20% duty on exports of various grades as it sought to boost domestic supply & calm local prices.
The recent curbs on rice exports could end a decade of price stability as the govt's protectionist move coincides with falling output in other major producers & rising global demand.
High exports driven by demand from China led to shortage in country, where broken rice is used to make ethanol & as cattle feed. Lower & delayed planting likely to hit production too.
According to government reply in Lok Sabha, the pilot phase of PMIS is being used to test concepts, strategies and systems before a full-scale implementation of the scheme.
Order for 87 MALE drones will be split between 2 Indian firms in 64:36 ratio to ensure there are 2 independent manufacturing lines with at least 60% indigenous components.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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