India has lifted its last restrictions on rice exports in a bid to double agricultural shipments by the end of the decade and boost economic growth.
India is the world’s largest rice exporter and this month’s decision to open up all rice for export has piled pressure on rival producers. The price of a metric tonne of benchmark Thai white rice had fallen to $405 by last week, down from $669 in January 2024.
The decision comes as New Delhi seeks to increase agricultural and food exports to raise earnings and farmers’ income amid an economic slowdown in a country where the agriculture sector supports more than 42 per cent of the 1.4bn population.
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