The Federation of Telangana Chambers of Commerce and Industry (FTCCI) has urged the union government to re-examine the 20% duty on rice exports, which the Narendra Modi administration recently imposed to discourage buyers and to secure domestic supplies. The duty on brown and white rice other than basmati and parboiled varieties covers nearly 60% of the country’s total exports.
The traders say the levy will make Indian rice shipments uncompetitive in the global market and buyers will switch to Thailand and Vietnam. The FTCCI made this representation to Union Minister of Finance Nirmala Sitharaman and Union Minister of Commerce and Industry Piyush Goyal.
FTCCI president Anil Agarwal said that there were several hundred varieties of non-basmati rice in the country with the price of some “much higher than basmati rice. "Some non-basmati variants sell for $ 700-1,400 per tonne. Levying a duty on these variants will prove very expensive. It will...
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