Market Yard: The country received 108 per cent rainfall this monsoon. All crops in the kharif season are expected to have a bumper yield due to above-average rainfall.
Rice production is estimated at a record 1410 lakh tonnes. Experts are expecting a record export of 210 lakh as there are no restrictions on exports.
The production of different types of rice will increase this year as compared to last year. In 2022-23, the country exported 17.7 million tonnes of rice.
In 2023-24, it declined to 17.5 million tonnes due to closure of exports. However, the export ban has now been lifted. Rice trader and exporter Rajesh Shah has estimated that 21.0 million tonnes of rice will be exported in the next six months.
Shah said, "There was a long-standing export ban on non-basmati white rice. It has now been lifted. The 20 per cent duty on exports has also been scrapped. This is likely to lead to a significant increase in exports.
Meanwhile, there is a favourable environment for the rice crop this year. This will greatly increase the production of rice. The country's rice production is expected to be around 141.0 million tonnes this year.
It was 135.7 million tonnes last year. Last year, India was the second largest producer of rice in the world. Number one was China. China is expected to produce 146.0 million tonnes of rice this year.
World rice production is expected to reach 530.4 million tonnes in 2024-25. It was 516.0 million tonnes in 2022-23 and 521.5 million tonnes in 2023-24. Other countries have also reduced non-basmati rates due to the reduction in export duties. Due to the export ban, the country has a lot of last year's rice stock left."
The new rice production is expected to arrive next month. For now, prices of new rice are expected to remain stable. Rice exports will bring foreign exchange to the country.
Along with rice production, the quality is also excellent this year. This will enable us to stay in exports with competitors around the world and increase our exports, said Rajesh Shah, businessman and exporter.