India lifts ban on non-basmati rice export

India yesterday withdrew its 14-month-long blanket ban on the export of non-basmati white rice with immediate effect but imposed a minimum export price (MEP) of $490 per tonne.

The neighbouring country has also slashed the export duty on parboiled rice from 20 percent to 10 percent, according to a notification from the Directorate General of Foreign Trade.

Indian rice exporters welcomed the decision, terming it as a "game-changer" for the sector, our New Delhi correspondent reports.

However, rice importers and mill owners are unlikely to take up on the opportunity due to the 67 import duty, adequate rice production at home and the depreciation of taka, said Chitta Majumder, adviser of Bangladesh Rice Mill Owners Association.