Big gift from government before Diwali, rice may become cheaper

There has been a significant decline in retail inflation. Especially green vegetables have become much cheaper now compared to the months of July-August. Due to this, retail inflation has fallen to 5.02 percent. Earlier in the month of August, retail inflation was 6.83 percent. Whereas in July it had reached the highest level of 15 months at 7.44 percent.

Even before the beginning of the festive season, the Central Government has taken a big step to control the rising prices of rice. The government has extended the period of export duty on rice till next year. Now traders will have to pay duty on export of rice till March 31, 2024. The special thing is that the Finance Ministry has issued a notification for this. At the same time, experts say that this decision of the Central Government may reduce the prices of rice in the domestic market.

In fact, in the month of August last, the Central Government had imposed 20 percent export duty on the export of boiled rice. Then the government had taken the decision and said that export duty on export of boiled rice will remain in force till October 16, 2023. That means, till October 16, traders will have to pay 20 percent duty on the export of rice. But the demand for rice increases during Durga Puja and Diwali. In such a situation, the prices of rice could also increase. This is the reason that to prevent prices from rising, the Central Government has increased the export duty imposed on the export of boiled rice from 16 October 2023 to 31 March 2024.

Export of broken rice was also banned

The central government is continuously trying to control inflation. Earlier, the Modi government had decided to ban the export of non-Basmati white rice to control the prices of rice. The government hopes that with this decision the stock of non-Basmati rice in the country will increase, which will automatically reduce the prices. At the same time, in September last year, the government had also banned the export of broken rice.

Rice prices will come down

Let us tell you that India is the largest rice exporting country in the world. This financial year, India had exported a total of 15.54 lakh tonnes of non-Basmati white rice between April and June. At the same time, during the same period last year, this figure was only 11.55 lakh tonnes. This means that this year more rice has been exported from the country to foreign countries. In such a situation, the government hopes that by imposing export duty the export of rice will reduce. This will reduce the prices of rice in the retail market.