NRIs scramble to buy rice as India’s ban on rice exports triggers price rise

People are flocking to stores and food grain supply chains, and Indian stores worldwide are witnessing increased demand as well.

Hyderabad: India’s ban on the export of non-Basmati white rice has triggered a price rise almost globally. The hike was three-fold in countries such as the US, England and Australia.

In certain countries, the fears of further rise resulted in panic buying. People who have been using rice as staple diet are making beelines before the stores and food grain supply chains. It is more so with the Indian stores worldwide.

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India has banned the non- Basmati rice exports with immediate effect to curb the price rise being experienced by people of all income groups. Driven by the hike in food prices alone, the retain inflation has already reached 4.81 per cent in June as against 4.31 per cent in May. Tomatoes had already started burning the pockets of people in a big way sparking a furore in the country.

“Please Note. All rice except for Basmati can be purchased only after the purchase of $15 worth of regular grocery. Only one bag allowed per customer. No repetitive customer allowed per day. Management has complete rights to control the sale of rice”, reads a notice board inside a groceries store in New York city.

The price of Sona Masoori shot up by three times within 24 hours of India’s ban on rice exports.

Alerted by Indian friends in the US, a family in Perth in Australia purchased 18 bags of rice (Five kg each) from Coles, the biggest groceries chain last night. A doctor from Hyderabad working in London says that the impact is only on the non-basmati varieties of Indian rice. Basmati rice is still available at the same price. Some people are resorting to panic buying.

India’s ban on the export of certain varieties of rice came into effect in the backdrop of the Russia-Ukrainian War that had a tremendous impact on the food prices. It would only help heighten the crisis, he maintained.