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The export ban by the Modi government has led to a sharp increase in the price of rice in many countries around the world. Last week, India further expanded the ban on rice. This has pushed up rice prices in Asia to a 15-year high. It may be noted that the ban on some other grains, including rice, began on July 20.
India is one of the largest exporters of rice in the world. This is followed by countries like Thailand and Vietnam. Peter Timmer, a professor emeritus at Harvard University, said that rising rice prices hurt poor consumers the most. The biggest worry right now is that as soon as Thailand and Vietnam impose restrictions on India, the price of rice worldwide will cross $1000.
Also read: This step of Modi government will increase the price of rice, know what will affect you
Due to lack of rain, prices are likely to increase further. India has either raised the duty on rice exports or banned them altogether. The standard price of rice in the global market is currently $646 per tonne and low rainfall may further increase rice prices. Thailand has issued a drought warning this time, raising fears of rising rice prices. At present the crop in China is good and the world can get relief from here.