The price of Matta rice to hike; Central government has imposed a 20 percent export duty
New Delhi: The central government has imposed a 20% export duty on paddy rice exported from India.
The vast majority of Indians living abroad consume rice from India. Even when the price of non-basmati rice was increased earlier this year, parboiled rice, such as Matta rice, was exempt from the ban.
But now the decision to increase the export duty on Matta rice will significantly affect the budget of the expatriates. The export duty will cause the price of rice, which is currently 17 euros on average, to rise by 3 and a half euros. According to trading centres, the price of a 10 kg packet of rice could rise by at least 35% due to increases in other taxes and costs, depending on the price.
The gazette decision, which was signed by Customs Deputy Director Amrita Titus, went into effect on August 25.
India leads the world in rice exports. India exports rice to approximately 140 countries. Indian rice has already established itself in the global market due to its high quality and low price. Even China, the world’s largest rice producer, imports from India. The central government’s countermeasures are being implemented in response to assessments that domestic production could result in price increases and shortages.
India ranks first in the world in rice exports. Thailand, Vietnam, Pakistan, Myanmar, and China are also major exporters. India leads in exports but is second in production. China is number one. India supplies 40% of the world’s rice demand. India exported 2.13 crore tonnes of rice to various countries in 2022–23.
Due to the drought, Thailand’s exports have been significantly reduced. The yield in Vietnam has also decreased. That is why Indian rice is so popular on the global market. More than 140 countries import rice from India. As the number of Indians migrating to Europe has increased, Europe has also become one of India’s major markets.
Irish Samachar English News
Kindly click the link below to join WhatsApp group chat to get important news and breaking news from Irish Samachar.
Comments are closed.