Rice Prices Surge: The Modi government at the Center has taken big steps in the last few months to control the prices of rice in the domestic market. Its effect is that the prices of rice are continuously increasing in the international market. Now big news is coming regarding this. At present the central government is in no mood to remove the restrictions on export of rice. According to the report published in Moneycontrol, all these restrictions can be continued till next year. This decision of the Government of India may have an impact on the prices of rice at the international level and it may become the most expensive after the food crisis of 2008.
India is the largest exporter of rice
India is the largest exporter of rice. India exports more than 40 percent of rice in the world and is one of its main buyers like many African countries. It is noteworthy that the government had imposed export duty on the export of broken rice and banned the export of non-Basmati rice. This decision was taken in July. Since then, the price of rice had reached its highest level in 15 years in August 2023.
Rice prices increased by 24 percent in one go –
It is worth noting that the price of rice has increased tremendously in the international market in the last one year. According to the report of the Food and Agriculture Organization of the United Nations, the price of rice has increased by 24 percent in October 2023 compared to last year. There are many reasons behind the increase in rice prices globally in the year 2024. Due to bad weather and less rain, rice production has been adversely affected this year. In such a situation, there has been a tremendous increase in the price of rice.
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