look news india
Mumbai: As part of efforts to increase rice exports from the country, the government has reduced the 10 percent export duty on boiled rice to zero. Due to abundant production of rice in the current Kharif season, the government is worried about the storage of rice. Export duty on brown rice has also been reduced to zero.
Due to various rules, rice exports remained marginally lower in terms of value during the April to September period of the current financial year.
In the notification issued at the end of September, the export duty on boiled rice was reduced from twenty percent to ten percent.
Even though the Food Corporation of India (FCI) has accumulated excess stock of rice, the government intends to dispose of the old rice to create fresh stock in the warehouses.
India is a major exporter of rice in the world. The easing of restrictions on rice exports has increased the supply of rice in the world market and kept prices under control. Last month, the ban on export of non-Basmati white rice was also lifted.