Late monsoon raises fears of low output in world’s top exporter, with possibly significant effect on costs PUBLISHED : 20 Jul 2023 at 21: 26 UPDATED : 20 Jul 2023 at 22: 03 NEW DELHI: India hasactually forbidden the export of non-basmati white rice with instant result, according to a federalgovernment notification on Thursday, after a late start to seasonal monsoon rains hurt the crop and raised fears of a production deficiency. The late arrival of the monsoon led to a big rain deficit up to mid-June. And while heavy rains giventhat the last week of June haveactually removed the deficiency, they have triggered considerable damage to crops. “In order to makesure appropriate schedule of non-basmati white rice in the Indian market and to ease the increase in costs in the domestic market, the federalgovernment of India hasactually changed the export policy of above range,” a federalgovernment declaration stated. Retail rice costs haveactually increased 11.5% over the past year and 3% over the past month, it included. India accounts for more than 40% of world rice exports, which amounted to 55.4 million tonnes in2022 But low stocks mean that any cut in its deliveries will push up food rates currently driven greater by Russia’s intrusion of Ukraine last year and unpredictable weathercondition. “India would interferewith th
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