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According to S&P Global Commodity Insights, India, the world's largest rice exporter, implemented export restrictions, including banning broken rice exports and imposing additional duties on non-basmati white rice outflows in August 2022.
Officials said that India is in the process of developing new Harmonised System of Nomenclature (HSN) codes for specific rice varieties to facilitate exports of those traditionally not consumed domestically. Currently, all categories of non-basmati white rice are prohibited for export.
An inter-ministerial committee, which looks into MEP on onion, has recently decided on basmati rice.
The Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, is vital for 30 per cent of global container traffic. It has seen increased tensions with various incidents in 2023, including attacks and military manoeuvres by regional and global powers.
The Indian Government is likely to bring down the minimum export price for basmati rice.