The industry forecasts exports are set to grow 16% in 2025-26, boosted by surplus domestic production and a drive to push into 26 underserved global markets with strong potential.
International media also reports on the warning from Canadian intelligence agencies about the possibility of India & China meddling in the country's elections.
Global rice prices soared to their highest level in over 15 years following India's decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports.
Rice stocks at the Food Corporation of India on 1 September stood at 32.3 million metric tons, 38.6% higher than last year, encouraging the government to consider export relaxation.
With Red Sea, critical to enter and exit Suez Canal, under attack by Yemen’s Houthi rebels, exporters are having to pay more than double to send goods to Middle East, Europe & US.
India, which accounts for 40% of world rice exports, sells the staple to more than 150 countries, including a few poor and vulnerable countries in Africa and Asia.
The ban will cut availability of rice on world markets by about a fifth, and could lead to importers seeking more govt-to-govt deals to overcome shortages and tame spiraling prices.
India has strategic interest in Nepal and Bangladesh so it is possible that export of white non-basmati rice to these countries will be allowed on diplomatic considerations.
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.
Free internet, $10,000 cards, diaspora voting rights — Nepal’s parties are pitching big ideas ahead of polls. Will this election truly break the cycle?
FY 2022-23 was the first normal economic year in recent years, said Saurabh Garg, Secretary of the Ministry of Statistics and Programme Implementation, in an interview with ThePrint.
The 7 February incident involving Tejas aircraft caused severe damage to its frame. IAF and HAL are working together as part of the Board of Inquiry (BoI) to probe the incident.
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