Rice inflation is a concern, so we are relaxing the OMSS norms further to encourage more participation, said Ashok K Meena, chairman & MD, FCI on Friday.
Rice prices are approaching a 15-year high, with Thai white rice 5% broken, an Asian benchmark, rising $57 in the past two weeks to $640 per ton. Factors contributing to the surge include increased demand from unexpected buyers like Brazil and the Philippines, higher domestic prices, and a stronger baht.
India, a leading rice exporter, is set to prolong restrictions on overseas sales, maintaining the staple grain at its highest price levels since 2008. Despite being a top global shipper, Prime Minister Narendra Modi aims to curb domestic price surges, impacting nations like Benin and Senegal while facing impending reelection. Analysts predict these measures to persist post-elections if domestic rice prices continue rising.
Newly assumed Agriculture Secretary Francisco Tiu expressed apprehension on Monday, November 6, 2023, on the possibility of the country having rice worth P20 per kilo, one of the campaign promises of President Ferdinand Marcos Jr.
The Indian government is planning to continue its free food grains program for five years, Prime Minister Narendra Modi announced on Saturday, as it seeks.