The government will assess the yield of the current financial year. The decision to lift the ban will be based on the monsoon performance. It is suggested that the ban may continue at least till November. As of August 7, the retail price of rice has increased by 10.63 percent year-on-year. Meanwhile, the increase in the wholesale market is 11.12 percent.
The government has imposed a ban on the export of green vegetables from July 20. The Government of India sells rice under the Open Market Sale Scheme to reduce the price of the essential commodity.
Priced at an 11-year high
Rise in rice prices in the global market as well. Rising prices are raising concerns about food crises in Asia and Africa.
The rise in India’s minimum support price has led to a surge in rice prices in the global market as well. There are also reports that many countries in Asia and Africa may face rice shortages due to rising prices around the world.
Rice prices are already at an 11-year high in the international market, with Reuters earlier reporting that rice prices rose after India’s move to raise the minimum support price for the crop. The rain has worsened the situation.