Popular Indian rice varieties such as Swarna, Ratna, Miniket, and Sona Masoori have seen price increases since Bangladesh announced its import plans.
The ban was imposed in September 2022
In other major decisions for farmers, the Cabinet approved extension for additional subsidy on di-ammonium phosphate (DAP), and also enhanced the allocation for PM Fasal Bima Yojana.
The rice exporter will invest SAR 185 million ($49.3 million) over the next five years in Saudi Arabia, and targets revenue worth SAR 435 million ($116 million) in the next five years.
India had imposed a 20% duty on parboiled rice exports in 2023 after its crop was affected by below-normal rainfall.
In a notification, the finance ministry saiaBesides, the duty-free import of yellow peas, too, has been extended beyond March 31, subject to the condition that the bill of landing is issued on or before April 30, 2024.d the 20 per cent export duty will continue beyond March 31 without an end date.
The South Asian nation set the floor price in August to prevent some traders from smuggling non-basmati white rice, which has been banned for exports, by declaring them as the more expensive basmati.
The export ban is bringing back memories of 2008, when a global rice crisis put 100 million people at risk, many in sub-Saharan Africa. Back then, both Vietnam and India restricted exports.
"India and Singapore enjoy a very close strategic partnership, characterised by shared interests, close economic ties and strong people to people connect," External Affairs Ministry spokesperson Arindam Bagchi said
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Any decision on rolling back the prohibition can only be considered after the sowing season for kharif crops ends, enabling the government to assess the yield for the current year, the official said.
Several NRIs shared pictures of empty shelves at the stores -- possibly an outcome of panic buying fuelled by fears and misinformation of a complete ban on rice exports by India.
Videos and photos doing rounds on social media show NRIs queueing up outside grocery and departmental stores to buy rice while others climb shelves and pull away heavy bags of rice.