Prices of rice in snug place, claims authorities

By IANS

NEW DELHI: Days after imposing a ban on rice exports and levying responsibility on sure grades, the federal government on Friday stated that the home value of the commodity is in a “comfortable position” and can stay nicely underneath management.

“Due to the surplus stock of rice, the domestic price will be under control as compared to the international market and neighbouring countries where the price is comparatively high. The percentage increase in the minimum support price (MSP) of paddy in last year was 5.15 per cent (Rs 2,040 per/quintal in 2022-23 and Rs 1,940 per quintal in 2021-22). The actual increase in price of rice is around 3 per cent, due to increase in MSP and other input costs,” the Department of Consumer Affairs stated in an announcement.

Official sources stated that parboiled rice and Basmati rice represent round 55 per cent of whole rice export from India, so the farmers will proceed to get good remunerative costs and dependent and weak international locations could have sufficient availability of parboiled rice as India has a major share within the international rice export.

Notably, 217.31 LMT rice is in Government buffer inventory which is increased than the buffer inventory norm, the assertion stated. In the upcoming Kharif season, 510 LMT and in Rabi season, 100 LMT of rice will likely be procured, it added.

“The buffer stock maintained by the country is more than enough to meet the demand for the public distribution system. The Government intervention by prohibiting export of broken rice and imposing 20 per cent duty on the export of basmati and non-parboiled rice will further help in containing the situation,” official sources stated.

NEW DELHI: Days after imposing a ban on rice exports and levying responsibility on sure grades, the federal government on Friday stated that the home value of the commodity is in a “comfortable position” and can stay nicely underneath management.

“Due to the surplus stock of rice, the domestic price will be under control as compared to the international market and neighbouring countries where the price is comparatively high. The percentage increase in the minimum support price (MSP) of paddy in last year was 5.15 per cent (Rs 2,040 per/quintal in 2022-23 and Rs 1,940 per quintal in 2021-22). The actual increase in price of rice is around 3 per cent, due to increase in MSP and other input costs,” the Department of Consumer Affairs stated in an announcement.

Official sources stated that parboiled rice and Basmati rice represent round 55 per cent of whole rice export from India, so the farmers will proceed to get good remunerative costs and dependent and weak international locations could have sufficient availability of parboiled rice as India has a major share within the international rice export.

Notably, 217.31 LMT rice is in Government buffer inventory which is increased than the buffer inventory norm, the assertion stated. In the upcoming Kharif season, 510 LMT and in Rabi season, 100 LMT of rice will likely be procured, it added.

“The buffer stock maintained by the country is more than enough to meet the demand for the public distribution system. The Government intervention by prohibiting export of broken rice and imposing 20 per cent duty on the export of basmati and non-parboiled rice will further help in containing the situation,” official sources stated.