India lifts ban on rice exports after 3 months
30 Nov 2022 04:07pm
Photo for illustration purposes only.
A part of the Federal Ministry of Commerce and Industry, the DGFT is essentially involved in the regulation and promotion of foreign trade through regulation, reported Xinhua.
The ban on rice exports was imposed to ensure adequate domestic supplies amid fears of a rice shortage after apprehensions were cast over its lesser yield during the winter crop season.
In a bid to boost domestic supplies then, the federal government had also imposed a 20 per cent export duty on non-basmati varieties, except for parboiled rice.
The lifting of the ban comes after fears of the possible shortage of rice were allayed.
Imposed in early September, the ban assumed significance as it had appeared to the federal government that the overall sown area under rice cultivation could be less than that of the previous year. Hence, the federal government thought it could have an impact on both crop prospects as well as price rises
In India, the winter crop season begins in June-July, and crops are harvested in October-November. - BERNAMA
