Parboiled Rice: Extending Export Duty
In a proactive move, government authorities have taken measures to control price surges and secure a steady supply of essential goods, especially during the festive season. Here's a breakdown of the key actions:
Parboiled Rice: The government has extended the 20% export duty on parboiled rice until March 31, 2024. This step is aimed at maintaining an ample supply of parboiled rice in the domestic market.
The export duty has already led to a significant decline in both quantity (65%) and value (56%) of parboiled rice exports. Export of broken rice has been prohibited, and a 20% export duty imposed on non-basmati white rice last year, followed by a complete ban on non-basmati white rice exports this year. These actions are crucial to preventing price spikes of this essential staple.
Wheat Offloading: The government has decided to offload 50 lakh tonnes of wheat under the Open Market Sale Scheme (domestic) through e-auction. To date, 25.6 lakh tonnes of wheat have been successfully offloaded.
Cooperative agencies are selling wheat flour in the open market at Rs.27.50 per kilogram. These measures have led to an increased availability of wheat in the domestic market, helping to moderate both retail and wholesale wheat prices. Retail inflation in wheat has been steady at about 3.6% over the past year.
Edible Oil Stability
Edible Oil Stability: Authorities express confidence that edible oil prices will remain stable during the festival season. No significant price hikes are anticipated in the near future, providing reassurance to consumers.
Ensuring Price Stability
These proactive measures, including the indefinite extension of export restrictions on sugar, are geared towards ensuring food security and price stability for essential commodities. Swift actions aim to provide relief to consumers during the festival season and beyond.