News > India plans to ease rice export curbs as stocks surge to record, sources say
India plans to ease rice export curbs as stocks surge to record, sources say
18/07/2024 03:21 PM | Click to read full article
India is likely to cut basmati rice's minimum export price (MEP) to $800-$850 a metric ton and replace the 20% export tax on parboiled rice with a fixed duty on overseas shipments, government sources said, as rice inventories in the country jumped a record high. The world's biggest rice exporter imposed various curbs on exports in 2023 and continued them in 2024 to keep local prices in check ahead of the general elections held in April-May.