Global Food Inflation Could Worsen Further as India Restricts Rice Exports
- Global Food Inflation Could Worsen Further as India Restricts Rice Exports
by * The world’s biggest rice shipper imposed a 20 per cent tax on various varieties of the staple to bolster domestic supplies
* The measure will put further strain on countries that are struggling with worsening hunger and soaring food inflation
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India, the world’s biggest rice shipper, levied a tax on some exports to secure domestic supplies after planting shrank, a move that could further rattle global food markets and worsen the hunger situation.
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Unmilled and husked brown rice will attract an export levy of 20 per cent, the finance ministry said in a notification on Thursday. Semi-milled and wholly-milled rice, except parboiled and basmati varieties, will also have a similar duty, it said.
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The measure by India, which accounts for 40 per cent of the global rice trade, will put further pressure on countries that are struggling with worsening hunger and soaring food inflation. It assumes significance as billions of people depend on the staple. Asia alone produces and consumes 90 per cent of the world’s rice.
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