In a recent development, India has chosen to ease its embargo on rice export ‘s, particularly to Singapore, due to the pressing shortages faced by the city-state.
Arindam Bagchi, the spokesperson for India’s Ministry of External Affairs, conveyed that the decision to allow rice export ‘s taken to address Singapore ‘s food security concerns.
Notably, India had imposed a ban on rice exports last month in a bid to curb escalating prices within its domestic market. However, a special concession made for Singapore due to its substantial financial investments in India. The city-state has committed approximately $17.2 billion to various Indian projects, marking it as a major investor.
Asia is responsible for about 90 percent of the world’s rice production, and India contributes nearly 40 percent to global rice exports. Singapore, reliant on imports for its rice consumption, predominantly looks to India, Thailand, and Vietnam as its key sources.
On July 20th, India implemented an embargo on the export of non-basmati white rice as a strategy to rein in price surges. This restriction significantly impacted around 80 percent of rice exports. However, a recent decision by the Indian government now permits the export of non-basmati rice that currently warehoused in ports.