Latest Update on 20% Rice Export Duty | How to Tackle this Situation?

The Center has imposed a 20% duty on exports of Non-Basmati rice and paddy from India. So, If you are a rice exporter, what does it mean for you? Well, do not panic! Watch this video to know how your business can still be safe!

👉 On Thursday, the government imposed a 20 percent export duty on non-basmati rice except for parboiled rice.

👉 According to a notification by the revenue department, an export duty of 20 percent has been imposed on 'rice in the husk (paddy or rough)' and 'husked (brown) rice. The export duty comes into effect from September 9.

👉 The ban on broken rice and export duty of 20 percent on non-basmati rice, except for pa-boiled, have been imposed amid concern over a likely fall in rice output.
The area under coverage for the paddy crop has declined by 4.95 percent to 393.79 lakh hectares in the ongoing Kharif season so far due to poor rains in some states, according to the agriculture ministry data released on Friday.

👉 Paddy was sown in 414.31 lakh hectares (LH) in the year-ago period, the data showed. It is the main Kharif crop and its sowing begins with the onset of the southwest monsoon in June and harvesting from October onwards.

👉 India's total rice production during the 2021-22 crop year (July-June) is estimated at a record 130.29 million tonnes (111.76 million tonnes in Kharif and 18.53 million tonnes in rabi season) as against 124.37 million tonnes in the previous year.

👉 The food ministry said on Friday that the country's rice production in Kharif (summer sown) could fall by 6-7 million tonnes but the country would still have surplus output.
The Centre is sitting on a stock of 47 million tonnes of rice, including rice equivalent to unmilled paddy, as of July 1. The buffer stock requirement is to have 13.5 million tonnes of rice as of July 1.

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