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Economy & Business

Prices of rice in comfortable position, says government

The Hawk
September24/ 2022

New Delhi: Days after imposing a ban on rice exports and levying duty on certain grades, the government on Friday said that the domestic price of the commodity is in a "comfortable position" and will remain well under control. 

"Due to the surplus stock of rice, the domestic price will be under control as compared to the international market and neighbouring countries where the price is comparatively high. The percentage increase in the minimum support price (MSP) of paddy in last year was 5.15 per cent (Rs 2,040 per/quintal in 2022-23 and Rs 1,940 per quintal in 2021-22). The actual increase in price of rice is around 3 per cent, due to increase in MSP and other input costs," the Department of Consumer Affairs said in a statement.

Official sources said that parboiled rice and Basmati rice constitute around 55 per cent of total rice export from India, so the farmers will continue to get good remunerative prices and dependent and vulnerable countries will have adequate availability of parboiled rice as India has a significant share in the global rice export.

Notably, 217.31 LMT rice is in Government buffer stock which is higher than the buffer stock norm, the statement said. In the upcoming Kharif season, 510 LMT and in Rabi season, 100 LMT of rice will be procured, it added.

"The buffer stock maintained by the country is more than enough to meet the demand for the public distribution system. The Government intervention by prohibiting export of broken rice and imposing 20 per cent duty on the export of basmati and non-parboiled rice will further help in containing the situation," official sources said. 

—IANS