NEW DELHI: India, the largest exporter of white rice, has imposed a ban on rice exports to control prices.
The government said that it is imposing the ban after a 3 percent rise in retail prices of rice in a month as monsoon rains damaged crops.
India accounts for more than 40% of global rice exports, but low inventories mean any cut in shipments will push up food prices due to Russia’s invasion of Ukraine last year and bad weather.
“To ensure adequate availability of non-Basmati white rice in the Indian market and to mitigate price escalation in the domestic market, the Government of India has revised the export policy,” the government said in a statement, adding that retail prices rose by 11.5 percent in 12 months.
The move shows the sensitivity of Indian Prime Minister Narendra Modi’s government to food inflation ahead of general elections due next year.
His administration has extended the ban on wheat exports after halting rice shipments in September 2022. They have also restricted sugar exports due to the decline in sugarcane production this year.
