India is also the world’s biggest rice exporter and its rice exports have touched 21.5 million tonnes in 2021, more than the combined shipments of the world's next four biggest rice exporters - Thailand, Vietnam, Pakistan and the United States.
The government today starts selling rice at subsidised prices in an effort to give respite to the poor and low-income earners and bring stability to the volatile rice market.
The government yesterday slashed the import duty on rice and is also working to import about 12 lakh tonnes of food grain including rice as it looks to rein in the price of the staple amid a cost of living crisis.
The food ministry has again granted more time to business to open letters of credit (LCs) for importing rice as shipments continue to be very low while prices of the grain are rising due to the recent spike in fuel costs, according to a notice on Wednesday.
The government has recently allowed traders to import rice in order to control the syndicate in the local rice market, Agriculture Minister Muhammad Abdur Razzaque said today.