India will allow 600,000 tons of unmilled rice to be exported to Nepal.
The Indian government permitted duty-free exports of rice to Nepal in a move that is seen as helping the Nepal meet its food security.
Nepal relies on India to fulfill its food grain requirements.
India is to allow cargoes of white and brown rice backed by letters of credit (LoC) issued before September 9 to be shipped overseas, Reuters has reported.
This measure is likely to provide some relief to exporters grappling with fresh government curbs.
India accounts for more than 40 percent of global rice shipments and competes with Thailand, Vietnam, Pakistan and Myanmar.
India, as the world’s biggest exporter of rice on September 8, banned exports of broken rice and imposed a 20 percent duty on exports of various grades as it sought to boost domestic supply and calm local prices after below-average monsoon rainfall curtailed planting, according to Reuters.
“It’s a big relief, which we have been asking for the last few weeks,” Reuters quoted B.V. Krishna Rao, President of the Rice Exporters Association.
Export prices for Indian white rice have risen 12 percent since September 9, it said.
READ ALSO:
1667366659_1024.jpg)
