The decision means that the tax rate on exports of white rice is reduced from 20 percent to 10 percent, with a minimum price of 490 dollars per ton.
India is the world's largest exporter of rice, but in 2022, export restrictions were introduced to curb the country's inflation development. The consequence was that the world market price rose to its highest level since 2008, as buyers instead had to look for other producers than India.
During the first four months of the year, exports fell by almost 25 percent compared to the same period last year. This is happening at the same time as India is reported to have large quantities in stock after favorable harvests.
