New Delhi
\nIndia does not plan to curb rice exports as the world\u2019s biggest exporter of the staple has sufficient stocks and local rates are lower than state-set support prices, trade and government sources said.
\nIndia banned wheat exports on May 14, just days after New Delhi forecast record shipments of 10 million tonnes this year, as a heat wave hit output and sent domestic prices to record highs. read more
\n\u201cWe have more than sufficient stocks of rice and there is no concern at all in terms of either prices or availability for exports and domestic requirements,\u201d said a senior government official involved in the decision making.
\nUnmute
\n\u201cAt this stage, there is no consideration at all to prohibit rice exports,\u201d said the source, who didn\u2019t wish to be named in line with official rules.
\nRice exports from India, also the world\u2019s second biggest consumer of the grain, jumped to a record 21.2 million tonnes in the fiscal year to March 2022 from 17.8 million tonnes the previous year.
\nRice prices are falling, even as exports rise, as India has massive stocks and local purchases by the Food Corporation of India (FCI) \u2013 the state stockpiler \u2013 are increasing, said B.V. Krishna Rao, president of the All India Rice Exporters Association.
\nMilled and rice paddy stocks at FCI totalled 66.22 million tonnes against a target of 13.58 million tonnes.
\n\u201cThere is no need to put any restriction on rice exports,\u201d Rao said. \u201cWheat output and prices were affected due to the war in Ukraine, but \u2026 the Black Sea region is neither a major producer nor consumer of rice.\u201d
\nIndia\u2019s rice export prices extended losses this week to touch $350 to $354 a tonne, the lowest in more than five years.
\nIn the crop year to June 2022, India\u2019s rice output jumped to a record 129.66 million tonnes from 121.1 million tonnes the previous year.
\nHigher output has forced FCI to buy more rice from domestic farmers, taking a record 80.4 million tonnes of rice paddy from growers so far this year against 77 million tonnes over the same period last year.
\n\u201cFCI\u2019s procurement is going up, and that is an indication that there\u2019s no shortage, so there is no logic for any ban on rice exports,\u201d Rao said.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi India does not plan to curb rice exports as the world\u2019s biggest exporter of the staple has sufficient stocks and local rates are lower than state-set support prices, trade and government sources said. India banned wheat exports on May 14, just days after New Delhi forecast record shipments of 10 million tonnes this […]<\/p>\n","protected":false},"author":2,"featured_media":263163,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[195,7855,7854],"class_list":{"0":"post-263146","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-india","9":"tag-plans","10":"tag-rice-exports"},"yoast_head":"\n