The government has removed customs duty on the export of non-basmati white rice. In a notification released late Friday, the revenue department also announced a reduction in the export duty for parboiled rice, husked (brown rice), and rice in the husk (paddy or rough) to 10 percent.
The export duty on these varieties of rice, as well as non-basmati white rice, was 20 per cent so far. This decision follows India's below-average rainfall in 2023 and has been extended until March 31, 2024. In July, the government established the Rice Federation Consulting Committee, chaired by the Ministry of Commerce, to address concerns regarding rice exports.
India's retail inflation increased to 3.65 percent on an annual basis in August, up from a five-year low of 3.54 percent, according to data released by the Ministry of Statistics and Programme Implementation earlier this month. During its Monetary Policy Meeting in August, the Reserve Bank of India expressed concern about the future trajectory of food inflation.