NEW DELHI: The government declared on Friday that the domestic price of the commodity is in a comfortable position and will remain well under control, days after placing a restriction on rice exports and levying tariff on certain grades.
"As opposed to the international market and neighbouring countries where the price is quite high, the domestic price of rice will be under control as a result of the surplus stock. The minimum support price (MSP) of paddy increased by 5.15 percent last year, going from Rs 2,040 per quintal in 2022–23 to Rs 1,940 per quintal in 2021-22. Due to an increase in MSP and other input expenses, the actual price rise for rice is around 3 percent "In a statement, the Department of Consumer Affairs noted.
According to official sources, Basmati and parboiled rice account for about 55 percent of India's total rice exports, ensuring that dependent and vulnerable nations will have adequate access to parboiled rice and that farmers will continue to receive well-paying prices. India accounts for a sizable portion of the world's rice exports.
Notably, the announcement said that 217.31 LMT of rice is in the government's buffer reserve, which is more than is typical. 100 LMT of rice will be purchased in the Rabi season and 510 LMT in the forthcoming Kharif season, it was said.
"The country's buffer stock is more than adequate to meet demand for the public distribution system. The government's action, which forbids the export of broken rice and places a 20 percent levy on the export of basmati and non-parboiled rice, will further contribute in keeping the issue under control "reputable sources said.
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