SATT: Ample supply of rice despite India's export ban

The long term approach on India’s decision to ban exports on some of its rice varieties need to be carefully examined since it may have global implications.

This is according to president of the Supermarket Association Rajiv Diptee.

While speaking with Newsday on Monday, Diptee said there is an ample supply of rice in the short to medium term.

“India's export ban may have an impact on the price of the speciality rice such as Basmati and Jasmine varieties. But the majority of our rice is parboiled brown and white rice which is supplied mostly from Guyana as well as Brazil with some possibly from the US,” he said.

But there are substitutes available depending on the consumer’s preferences.

He added that demand and supply on the international market may or may not affect TT’s supplies, but prices from traditional suppliers will continue to be monitored.

The Indian government earlier this month imposed export bans on non-Basmati white rice varieties, in hopes of reducing inflationary pressures.

The move was taken “to ensure adequate availability” and “to allay the rise in prices in the domestic market,” India’s Ministry of Consumer Affairs, Food and Public Distribution announced on July 20.

Over the past year, prices have increased by more than 11 per cent and by three per cent over the past month, the government said.

Non-Basmati white rice constitutes about a fourth of the rice exported by India.