The government levied a 20% duty on exports of certain varieties of rice to inspect the domestic price of rice. The duty will discourage international buyers to buy grains from Indian suppliers, boosting supply in India and thereby calming prices. The new duty will come into effect on September 9.
The duty will be charged on exports of all varieties non-Basmati rice, except for parboiled rice, to increase local supplies at a time when production is expected to take a hit amid a drop in the place of sowing in the current Kharif season. The government has also charged a 20 percent duty on exports of non-Basmati rice except for parboiled rice.
The price of broken rice which was around Rs 15-16 per kg has been raised to Rs 22 and as an outcome broken rice is neither available for poultry feed nor for ethanol for which they were utilizing broken rice, Sudhanshu Pandey, Secretary, Department of Food and Public Distribution, expressed at a press conference.
As per the notification by the revenue department, an export duty of 20% will be charged on ‘rice in the husk (paddy or rough)' and 'husked (brown) rice, reported PTI.
The Central Board of Indirect Taxes & Customs further declared the export of 'semi-milled or wholly-milled rice, whether or not polished or glazed (other than Parboiled rice and Basmati rice)' will also attract a customs duty of 20 percent.
The area of sowing under the paddy crop in the ongoing Kharif season declined by 383.99 lakh hectares, a drop of 5.62% due to poor rains in some states, as per the latest data published by the agriculture ministry.
India is the second-largest producer of rice after China, with a 40% share in global trade. As per government data, exports were registered at 21.2 million tonnes in 2021-22. Out of this figure, 3.94 million were Basmati rice. India exported non-Basmati rice worth $6.11 billion in the same span. %). If you need any guidance regarding global trade data or export import data, you can obtain valuable information by Seair Exims Solutions professionals. They can ensure that accurate and authentic data reports are delivered and traders can download free Kenya custom data reports.
We have successfully served many reputable clients for Import-Export Data Information Services. Here are some of our clients: