Government Imposed A Duty Of 20% On Export Of Various Grades Of rice
Government imposed a duty of 20% on the export of various grades of rice, know the reason for doing so.
India, the world’s largest grain exporter, has imposed a 20% duty on exports of various grades of rice. The sown area of paddy crops has decreased significantly in the current Kharif season.
In such a situation, the government has taken this step to increase the domestic supply. Along with this, it is also being considered an attempt to keep the local prices under control.
Below-average rainfall in major rice-producing states like West Bengal, Bihar, and Uttar Pradesh has raised concerns over rice production.
This year already banned wheat exports and restricted sugar shipments
The government imposed a duty of 20% on the export of various grades of rice: Export duty is applicable from September 9.
According to the notification of the Revenue Department, an export duty of 20 percent has been imposed on rice and brown rice in the form of paddy.
The Central Board of Indirect Taxes and Customs said that exports of varieties other than Usna rice and Basmati rice will attract a customs duty of 20 percent.
It has been said in the notification that this export duty will be applicable from September 9.
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Paddy sown area decreased by 5.62 percent.
According to the latest data from the Ministry of Agriculture, the area under paddy has declined by 5.62 percent to 383.99 lakh hectares so far in the current Kharif season.
Due to less rainfall in some states of the country, the area under paddy has decreased. India is the largest producer of rice after China. India accounts for 40 percent of the global rice trade.
Export of rice.
India exported 21.2 million tonnes of rice in the 2021-22 fiscal year. It had 39.4 lakh tonnes of basmati rice.
According to official figures, exports of non-basmati rice stood at $6.11 billion during this period. India exported non-basmati rice to more than 150 countries of the world in 2021-22.
No loss to traders.
Welcoming the decision to impose an export duty, Vijay Setia, former president of All India Rice Exporters Association, said that Indian rice was being exported at a very low price.
Export duty will reduce the export of non-basmati rice by 20 to 30 lakh tonnes. At the same time, due to the 20 percent export duty, there will be no effect on the realization of exports
