The ongoing Israel-Hamas conflict is not expected to have a significant impact on global supplies, according to the commerce ministry. However, concerns remain about potential escalation and its effect on the gems and jewellery trade between India and Israel, which totaled $2.04 billion in 2022-23.
The government levied a 20 per cent export tax on parboiled rice with immediate effect, which means India has now restricted overseas sales of all non-basmati varieties.