Rice: India mulls banning most rice exports as local prices surge - Times of India
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NEW DELHI: India, the world’s biggest rice shipper, is considering banning exports of most rice varieties, a move that may send already lofty global prices of the food staple higher as the disruptive El NiƱo weather pattern returns. The government is discussing a plan to ban exports of all non-Basmati rice, according to people familiar with the matter. Authorities want to avoid the risk of more inflation before elections, said the people, who asked not to be identified as the information is not public. The ban will affect about 80% of India’s rice exports. While the move may lower domestic prices, it risks sending global costs even higher. Rice is a staple for about half of the world’s population, with Asia consuming about 90% of global supply. Benchmark prices have already soared to a two-year high amid fears that the return of the El NiƱo weather phenomenon will damage crops. India accounts for about 40% of the global rice trade and has sought to tighten trade of some ...