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.
India has been asked basic questions such as why it hasn’t yet notified WTO of the decisions, why adequate notice wasn’t given, how long restrictions will be in place & why they were needed.
State-run Malaysian rice importer Bernas will also be negotiating with other suppliers like Vietnam, Thailand, and Cambodia, Mohamad Sabu told parliament.
Indian Council of Applied Economic Research study says bans on export of wheat & rice were ‘knee-jerk’ reactions. Govt should adjust its trade policy, not sell at prices lower than MSP.
According to an official, Thailand—world's second-largest rice exporter after India—is expected to export over 8 million metric tons of rice this year, up from 7.71 million last year.
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.
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 rules now take effect on 1 July instead of 1 April, the Reserve Bank of India said. New rules may raise cost of raising capital for proprietary trading firms & squeeze profits.
Oleksandr Yakovenko, founder of Ukrainian drone maker TAF Industries, further went on to highlight the growing 'irrelevance' of European defence platforms.
It’s easy to understand why the government can’t speak the hard truth. When this war ends, as all wars do, India’s interests will lie with both the winner and the loser.
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