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In order to promote rice exports and stabilize the market, the Indian Government has decided to sharply reduce the export tax on parboiled rice to 10%.
The reduction in export duty will make Indian rice more competitive in the international market, thereby boosting exports. Last year, India imposed a 20% export duty on parboiled rice when the crop was hampered by drought. However, with ample stocks now, the government has decided to relax the policy.
Parboiled rice is rice whose grain is soaked in hot water before being processed. Not only parboiled rice, the export tax on brown rice has also been reduced to 10%. This decision takes effect immediately.
Notably, the export duty on white rice has been completely removed, opening up a huge opportunity for Indian white rice exporters. However, the government has not yet given specific information on whether traders will be allowed to export freely or only government-to-government agreements will be exempted from the duty.
The decision comes after India scrapped a floor price for exports of basmati rice, India’s national crop, earlier this month, a move aimed at helping thousands of farmers struggling to access major export markets such as Europe, the Middle East and the United States.
With the Food Corporation of India (FCI) holding a record 32.3 million tonnes of rice, the government has room to relax export regulations. Meanwhile, rice production is expected to increase further in the coming season thanks to favourable weather conditions.
