Government has approved the export of non-basmati white rice with a minimum price of $490 per tonne and reduced the tax on parboiled rice to 10%.

In a move to boost the availability of non-basmati white rice in the domestic market, the government has lifted the ban on its overseas shipments. This decision, which was announced on Saturday, also includes the implementation of a minimum export price of $490 per tonne. This is expected to ensure that enough rice is left for the local consumption, while also allowing for its export at a reasonable price.

The ban on the export of non-basmati white rice was put in place on July 20, 2023, in order to balance the demand and supply of rice in the country. However, with the current decision, the government has amended the export policy from prohibited to free, but with a minimum export price in place. This change will be effective immediately and will remain in place until further notice.

According to a notification issued by the directorate general of foreign trade, this move is expected to benefit both the farmers and the rice industry. It also comes just a few weeks after the government removed the minimum export price on basmati rice in a bid to boost its export and increase the income of farmers. This decision is a part of the government's efforts to support the agriculture sector and enhance the profitability of farmers.

Furthermore, the revenue department under the finance ministry has also announced a reduction in export duty on husked and rice in the husk to 10 percent. This change will be effective from September 27, 2024, as stated in a notification issued on Friday. The government hopes that these duty cuts will encourage more exports and ultimately benefit the agriculture industry in the long run.

This recent decision by the government is in line with its larger goal of promoting the growth of the agriculture sector and supporting the livelihood of farmers. The removal of the minimum export price for basmati rice earlier this month was a major step towards achieving this goal. With these changes in place, the government hopes to see a positive impact on both the domestic and international markets for rice.

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