Prices of Indian rice, both in the domestic and international markets, have shot up 10 per cent in the last five days after Bangladesh slashed import duty and tariffs on rice from 62.5 per cent to 25 per cent prompting Indian traders to make a dash for export deals with the neighbouring nation.
On June 22, Bangladesh came up with a notification that allows imports of non-basmati rice till October 31. This is for the first time that Bangladesh has started importing rice from India so early as there is a fear that India might put a ban on rice exports. Generally, Bangladesh starts importing rice in September-October. There is a shortage of staples in Bangladesh as the Russia-Ukraine war and India's ban on wheat exports have caused the drop in wheat imports, while floods have harmed rice cultivation in the country this year.
"In the last five days, prices of Indian non-basmati rice have risen to $360 per tonne from $350 per tonne in the global markets.
Source : economictimes.indiatimes.com
