India plans to maintain the ban on rice exports into 2024

Lower prices and abundant inventories have helped India become one of the top exporters globally over the past decade. But Prime Minister Narendra Modi, who is up for re-election in 2024, has repeatedly introduced rice export restrictions to curb domestic price increases and protect Indian consumers. “As long as domestic rice prices face high price pressure, restrictions could will continue to be maintained. Even after the election, if domestic rice prices are unstable, these measures may be extended." Lower prices and abundant reserves have helped India become one of the world's top rice exporters over the past decade - Photo: Reuters See more: How will the world food market change when India stops exporting rice? India has imposed export taxes and minimum prices, while broken white and non-basmati rice cannot be exported. Prices rose to a 15-year high in August as buyers from the most vulnerable importing countries limited purchases. Some countries have ...