Government Extends 20% Export Duty On Parboiled Rice Till March
The levy was introduced on Aug. 25 and was due to remain effective till Oct. 16.
The government has extended a 20% duty on the export of parboiled rice, which is partially boiled with husk, till March 31, 2024.
The levy was introduced on Aug. 25 and was due to remain effective till Oct. 16. The move was aimed at maintaining adequate local stock and keeping domestic prices in check.
In August, the government decided not to allow exports of basmati rice below $1,200 per tonne, aimed at restricting the possible illegal shipment of white non-basmati rice in the garb of premium basmati rice.
Contracts with a value below $1,200 per tonne may be kept in abeyance, according to a release by the Ministry of Commerce.
India has imposed restrictions on all varieties of non-basmati rice.
Non-basmati white rice constitutes about 25% of the total rice exported from the country.
India's retail inflation continued to ease in September, led by a deceleration in vegetable prices, bringing relief to households.
Retail inflation stood at 5.02% in September, as compared with 6.83% in August. Food and beverage inflation was 6.3% in September as against 9.19% in August.
However, food inflation—excluding vegetables and fruits—was at 6.7%, and non-volatile food inflation remained elevated at around 9%, according to Suvodeep Rakshit, senior economist at Kotak Institutional Equities.