Rice exports to Bangladesh may not have a significant impact on prices in W Bengal thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
After Africa and China, Bangladesh looks to buy non-basmati rice
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Synopsis
India saw a surge in farm exports in FY21, a pandemic year. The surge was driven by record-high sales of rice-13.9 million tonnes of non-basmati and 4.6 million tonnes of basmati - and sales of 2.08 mt of wheat, a six-year high.
Bangladesh has floated a tender to buy 50,000 tonnes of non-basmati rice from India, adding to the growing overseas demand for the commodity and raising hopes that this fiscal will be good for Indian rice exporters. The move augurs well for the country s non-basmati rice trade, Vinod Kaul, executive director of All India Rice Exporters Association (AIREA), told ET, adding that Bangladesh is likely to buy the 50,000 tonnes of rice through the National Agricultural Cooperative Marketing Federation of India (Nafed).
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The price of non-basmati rice, which is consumed by more than 80% of the Indian population, has shot up by 10-15% since January, as Bangladesh has started buying large volumes of rice from India.
Synopsis
This will pave the way for Indian rice exporters, particularly from West Bengal, to export non-basmati rice to the country and fetch better prices for the grain.
Agencies
Bangladesh is expected to import about 500,000 tonnes of non-basmati rice in this financial year, said Vinod Kaul, executive director, All India Rice Exporters Association.
Kolkata: The New Year is all set to bring in good news for India’s rice exporters as Bangladesh has reduced import duty on rice to 25% from 62.5%. This will pave the way for Indian rice exporters, particularly from West Bengal, to export non-basmati rice to the country and fetch better prices for the grain.