India Slashes Export Duty on Parboiled Rice by Half

India has announced a reduction in the export duty on parboiled rice from 20% to 10%. This decision comes after the country faced agricultural challenges due to below-normal rainfall, which had originally prompted the higher duty in 2023.

India has announced a significant reduction in the export duty on parboiled rice, lowering it from 20% to 10%, according to a government notification issued on Friday.

The decision comes as a relief to exporters and is seen as a move to stabilize the market. India, the world's largest rice exporter, had imposed the 20% duty earlier in 2023, following below-normal rainfall that adversely affected its crop yield.

This policy shift aims to boost rice exports and manage the economic impact of the previous adverse weather conditions.

(With inputs from agencies.)