India’s rice output to drop for the first time in 8 years, government says
MUMBAI, Feb 29 (Reuters) – (This Feb. 29 story has been corrected to say that wheat production is expected to rise 1.3%, not fall 1.8%, in paragraph 1, and to fix wheat production from 114 million tons to 110.6 million tons, in paragraph 3)
India’s rice production is set to fall for the first time in eight years in 2023/24 because of below average rainfall, while wheat production is expected rise 1.3% from a year ago, the government said in a statement on Thursday.
Rice production in the world’s largest exporter is being carefully watched after New Delhi banned exports of non-basmati white rice in July, sending global prices surging.
Rice production is expected to fall to 123.8 million metric tons in the crop year to June, while wheat production could rise to 112 million tons from 110.6 million tons a year ago, the Ministry of Agriculture and Farmers Welfare said.
Lower rice production raises the prospect that Prime Minister Narendra Modi’s government will extend curbs on exports of the grain to keep a lid on food prices ahead of a general election.
Prolonged export curbs could further inflate food prices given low inventories in other key exporting countries including Thailand, Vietnam, Pakistan and Myanmar.
Source Link: https://www.reuters.com/world/india/indias-wheat-rice-output-drop-202324-government-says-2024-02-29/
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