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LATEST NEWS UPDATES | The dynamics of India's rice export boom -CP Chandrasekhar & Jayati Ghosh

The dynamics of India's rice export boom -CP Chandrasekhar & Jayati Ghosh

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published Published on Jan 15, 2019   modified Modified on Jan 15, 2019
-The Hindu Business Line

India has been the world’s top rice exporter since the beginning of this decade. But this boom has benefited only merchant capitalists, not consumers and producers

India emerged the world’s largest rice exporter in 2011-12, displacing Thailand from its leadership position. Two factors played a role in this. The first was the government’s decision in February 2011 to lift a four-year ban on exports of non-basmati varieties of rice, paving the way for a rise in exports of those varieties.

The second was a decision of the then Thai government under Prime Minister Yingluck Shinawatra, taken in the same year, to favour farmers by strengthening a Rice Pledging Scheme under which it promised to procure unlimited stocks at an enhanced price that reflected a 50 per cent increase over 2010. The consequent increase in domestic prices obviously reduced the incentive to sell in export markets rather than to the government or in the local market. India was a major beneficiary, recording a sharp increase in exports of non-basmati varieties. As opposed to exports of around 1,00,000 tonnes of those varieties in 2010-11, exports soared to 4 million tonnes in 2011-12. Exports of basmati rice in those two years stood at 2.3 and 3.2 million tonnes respectively.

Non-basmati surge


Given the circumstances, the Indian rise to dominance in global rice markets is explained without much difficulty. What is striking, however, is the continuous increase in exports of non-basmati varieties since then, to 8.2 million tonnes in 2014-15, and after a fall to 6.4 million tonnes in the subsequent year, a rise again to 8.6 million tonnes in 2017-18. The result has been that despite the significant price difference between basmati and non-basmati rice varieties, the difference in foreign exchange earned from exports of these varieties has narrowed considerably.

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The Hindu Business Line, 14 January, 2019, https://www.thehindubusinessline.com/opinion/columns/c-p-chandrasekhar/the-dynamics-of-indias-rice-export-boom/article25994349.ece


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