India has decided to impose additional restrictions on rice supply in order to ensure food safety. The agency reports Bloomberg.
This step of India could further reduce the world grain supply.
It was learned that the country’s government imposed a 20% export tax on rice and limited approximately 80% of its supply abroad.
At the same time, the official reason for the restrictions is to ensure food security in India.
As India has the status of the largest rice exporter, its prices may start to rise in world markets.
“With this move, domestic prices will fall and this will help the government control food inflation,” said Krishna Rao, head of the Rice Exporters’ Association.
Indian officials added that exporters who had agreements before the new rule would still be allowed to ship grain.
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