Prices usually decrease as soon as the fresh crop of “basmati” begins to arrive, which is currently happening.
To Review Minimal Import Price Of Basmati Rice:
The government said on October 15 that they are looking into reviewing the $1,200 per- tonne minimal import price for rice. This comes after rice exporters’ groups have been asking for the rate to be lowered to around $850 per ton, according to a report by PTI.
Last month, the government said they will not let rice under $1,200 a ton out of the country, which could lead to” illegal” shipments of cheaper rice disguised as ultra expensive rice. On the other hand, on August 27, they told APEDA, the trade creation body, not to subscribe import contracts below $1,200, the PTI report added.
The Central Government has taken way to increase domestic rice force and control prices, including allowing contracts with a value of $1200 per tonne or further to be registered for import. This will start on August 25, 2023. On Sunday, the Ministry of Consumer Affairs and Food & Public Distribution blazoned that the government had held a exemplary meeting with the rice exporters to review the FOB price of contracts for the issue of RCAC.
” The government is laboriously looking into the matter,” the statement said.
The statement also added that this arrangement will stay in place until the government makes a decision. According to reports, India exported about 45 lakh tons of rice in the last fiscal time, and 18 lakh tons in the first six months of this time.
The average import price of rice was between$ 850 and$ 900 per tonne between 2021 and 2022, and it was about Rs 1050 last time before the government said on August 25 that contracts below $1200 per tonne would not be registered. After looking into this, sources said that the government will also consider the rice prices vended by other countries, like Pakistan, in transnational requests.
The Ministry said in a statement that the $1200 per the tonne price was set because the government had entered dependable field reports about misclassification and lawless import of ‘non-basmati’ white rice, which has been banned since July 20th, 2023. It was also reported that ‘non-basmati white rice’ was exported under‘ HS law” basmati rice’.
Prices usually decrease when the fresh crop of “basmati” arrives, which is already beginning to happen. The Centre has formerly banned the import of’ broken rice’ and ‘non-Basmati white rice’. It has also put an import duty on’ par- boiled’ non-Basmati rice.