India allows non-basmati white rice exports, sets floor price

NEW DELHI (Reuters) - India on Saturday allowed exports of non-basmati white rice exports as inventories in the world's biggest exporter of the grain surged and farmers are set to harvest a new crop in the coming weeks.

New Delhi set a floor price for non-basmati exports at $490 per metric ton, a government order said.

India on Friday reduced export duty on parboiled rice to 10% from 20% earlier, a move that will lower its export prices, boost shipments and force competing countries like Thailand, Vietnam, Pakistan, and Myanmar to reduce their prices as well.

India imposed various curbs on rice exports in 2023 and continued them in 2024 to keep local prices in check ahead of the April-June national elections.

The government earlier this month removed a floor price for basmati rice exports to help thousands of farmers who complained about a lack of access to lucrative overseas markets such as Europe, the Middle East and the United States.

(Reporting by Mayank Baradwaj and Sethuraman NR; editing by Mark Heinrich)