India eyes African nations to increase export of non-basmati rice
According to official data, India had exported 5.66 million tonnes of non-basmati rice in 2016-17 and the shipments were 3.51 million tonnes in the first six months of the current fiscal.
Looking at continuous rise in the country’s rice production, Union Commerce Ministry has asked the All India Rice Exporters Association (AIREA) to explore the possibility of finding new markets as well as to scale up in existing market, said a newspaper report.
According to the report, the industry body, which was so far known for promoting basmati rice, on Monday met ambassadors and trade counsellors from 11 African countries including Mauritius, Namibia, Zambia and Angola.
The industry body reortedly perceives a possibility of increasing at least 10 per cent export of non-basmati rice to African countries in the next two years. Traders say that these African nations have the major share in India’s shipments of the cereal.
According to official data, India had exported 5.66 million tonnes of non-basmati rice in 2016-17 and the shipments were 3.51 million tonnes in the first six months of the current fiscal. Besides, the production of rice has been on the rise in the last one decade crossing 110 million tonnes in 2016-17 from about 93 million tonnes in 2006-07, the report said.
The robust production of rice made India largest exporter of cereal in the world in 2012, replacing Thailand.
President of AIREA, Vijay Setia, told the newspaper that discussions were also held to introduce basmati rice in the African market, as a very limited volume of basmati is exported there, hence, there is a scope for increasing it.
An official in the Ministry reportedly said that India has done good in non-basmati exports to the African markets in the past but there is scope for increasing the volume.
He also stated that the meeting was important not only to strengthen the relationship with the African countries in terms of non-basmati rice exports but also to add basmati variety.
Meanwhile, representatives of African countries have reportedly extended their support for Indian non-basmati rice exporters to market the product in their region through upcoming exhibition and other available platforms.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:22 PM IST