FMCG Stock GRM Overseas in Focus Amid Likely Easing of Rice Export Curbs

India may soon relax export restrictions on specific rice varieties before the next crop hits the market in October.
FMCG Stock GRM Overseas in Focus Amid Likely Easing of Rice Export Curbs

FMCG Stock GRM Overseas in Focus Amid Likely Easing of Rice Export Curbs. Image: Canva

India may soon relax export restrictions on specific rice varieties before the next crop hits the market in October. The country is the top exporter of rice in the world. The administration is thinking of approving shipments of white rice at a set tariff. To deter under-invoicing of cargoes, the authorities may also do away with the twenty percent tax on parboiled rice exports and replace it with a fixed rate, according to a Bloomberg article.
Atul Garg, MD and Group CEO at GRM Overseas hailed the move calling saying the government's move to relax restrictions on exports of some verities is a positive step in the right direction. It was much needed, in fact, to avoid a glut in the country."
Any move to cool benchmark Asian rice prices, which hit a 15-year high in January due to India's restrictions on key rice varieties, could benefit several countries in West Africa and the Middle East. India's rice exports dropped 21 per cent to 2.9 million tons in the first two months of the fiscal year starting April 1, as per government data. Exports of non-basmati rice saw a 32 per cent decline to 1.93 million tons during the same period, Bloomberg stated.
Currently, farmers in India are sowing their main rice crop with the onset of the monsoon Kharif season. Planting is expected to peak in July, with the harvest starting in late September. Shortly, after the news of India thinking over lifting curbs, shares of companies in rice exports jumped on Tuesday, however, many of them traded in red in Wednesday's trading session after profit-taking.
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