India plans to ease rice export curbs as stocks surge to record, Reuters reports

NEW DELHI (July 18): India is likely to cut the floor price for basmati rice exports and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high. The world's biggest rice exporter imposed various curbs on exports in 2023 and continued them in 2024 in an effort to keep local prices in check ahead of the general elections held in April-May. New Delhi is expected to lower the basmati rice's minimum export price (MEP) to US$800 (RM3,731.95)-US$850 a metric ton, down from US$950 a ton, to boost shipments, said the sources, who didn't wish to be identified as they are not authorised to talk to media. Lowering the MEP would help India retain its market share against Pakistan, which exported a record amount of rice this year due to New Delhi's export curbs. India and Pakistan are the leading exporters of basmati rice. New Delhi exports more than 4 million metric tons of basmati — ...