rice price

In the global markets, there are no such decline in the price of rice in today's date. The World Bank has released its report in a short time. According to the World Bank's Global Commodity Outlook, there is no possibility of any significant decrease in the global prices of rice before 2025. The main reason for the increase in rice prices is the continuing risk of Alnino. Along with this, policy decisions of major exporters and importers of the world are also due to the contraction of rice yield and export market.

Possibility of low rice yield in this kharif season

According to a recent report by the World Bank, the price of rice inside the global market in 2023 is 28 percent more than in 2022. There is a possibility of 6 percent more inflation in rice prices in the global market by 2024. Due to this, concern has increased due to the possibility of increasing rice prices in India. Because in the month of August, due to low rainfall, there is a lot of possibility of less rice yield in this kharif season inside the domestic market in 2023.

Also read: Take care of paddy crop like this in the kharif season, it will be good profits

Government of India has stopped exporting rice

Rice exports from the country have already been banned from the Government of India. As we all know, some species of rice in India have 20 percent export duty. Also, the minimum export price on basmati rice is applicable. This commendable step of the Central government has recorded a decline in supply of rice in the global market up to 40 percent. In fact, under this report, it has been said that due to adequate supply, the prices of agricultural commodities are expected to decline by about 7 percent in 2023. Also, in 2024-25, the prices of agricultural commodities may fall further by 2 percent.

It is the responsibility of the government to keep the prices of wheat and flour under control. Now as we all know, the increase in food prices is being seen. For this, the government has sold 3.46 lakh tonnes of wheat and 13,164 tonnes of rice in the open market to reduce prices. However, it is planned to launch 5 lakh tonnes and food grains in the market, so that prices can be kept under control. Increasing inflation of food items has increased the concern of the government. To maintain adequate availability in the market, the government has launched about 4 lakh tonnes of wheat and rice in the open market. At the same time, preparations are currently going on to take 5 lakh tonnes of grains and unload them. It is being said that by the second week of January, these food grains will be launched in the open market.

FCI is providing food grains to these wholesalers 

The central government is providing food grains procurement and distribution nodal agency in the open market through the Food Corporation of India (FCI). Under efforts to control retail prices, wholesale consumers have sold 3.46 lakh tonnes of wheat and 13,164 tonnes of rice this week through e-auction. Last year, rice sales were 3,300 MT.

Also read: Government took steps to prevent boom in pulses prices

At how much rice has been sold sold

In the 26th e-auction, 4 lakh tonnes of wheat and 1.93 lakh tonnes of rice were sold to wholesalers, after which 3.46 lakh tonnes of wheat and 13,164 tonnes of rice were sold to wholesalers . The average price of wheat has been fixed at Rs 2,178.24 per quintal. At the same time, rice was sold at an average price of Rs 2905.40 per quintal.

What is being done by the government for food safety?

The central government is selling wheat and rice from its buffer stock to control retail prices under the Open Market Sales Scheme (OMSS). The government has allocated 101.5 lakh tonnes of wheat for sale under the OMSS by March 2024. The central government has said that the government will continue the weekly e-auction of both wheat and rice to curb retail prices of rice, wheat and flour. Under this, there is now a plan to launch about 5 lakh tonnes of wheat and rice in the open market by the second week of January 2024.