Jump in Indian Rice Prices
The prices of Indian rice have jumped by at least 10% in the last five days in both domestic and international markets. This high jump in rice prices can be seen after Bangladesh slashed its import duty and tariff on rice from 6.25 percent to 25% prompting Indian traders to make a sprint for export deals with the bordering countries. The Indian government has been trying to bring down the prices of rice. Bangladesh has given permission to import non-basmati rice until October 31. This is the first time Bangladesh has started importing rice from India so early, as there is a fear that India might put a ban on rice exports. Generally, Bangladesh starts importing rice in September-October. There is a shortage of staples in Bangladesh as the Russia-Ukraine war and India’s ban on wheat exports have caused the drop in wheat imports, while floods have harmed rice. BV Krishna Rao, The president of the rice exporters association of India said that the price of Indian no...