In a move set to bolster ties between India and Singapore, the Indian government has given the green light for the export of rice to Singapore, a crucial step towards fulfilling the food security needs of the Southeast Asian nation.
This decision comes as a testament to the robust strategic partnership shared by India and Singapore, characterized by intertwined interests, deep economic bonds, and a profound people-to-people connection. External Affairs Ministry Spokesperson Arindam Bagchi, addressing queries regarding the rice export initiative, emphasized the significance of this collaboration.
Formal orders pertaining to this groundbreaking move are poised to be issued in the immediate future, underscoring the seriousness and commitment behind this endeavor.
Notably, recent developments have witnessed certain shifts in rice export policies. On August 27, the export of basmati rice shipments priced below $1,200 per tonne was temporarily suspended by the government. However, shipments surpassing this price threshold will continue to enjoy export privileges.
Earlier, on July 20, the government imposed a temporary ban on non-basmati white rice exports as a strategic measure to amplify domestic supply and maintain stability in retail prices. This variant of rice constitutes a substantial 25 percent of India’s total rice exports.
In a bid to stabilize the local market and prevent unwarranted price escalations, the government swiftly transitioned the export policy for non-basmati white rice from ‘Free with a 20% export duty’ to an ‘Immediate Prohibition’ status.
Reflecting on earlier actions, the government implemented a 20 percent export duty on non-basmati white rice on September 8 of the previous year, aiming to both regulate prices and ensure consistent availability of rice within the domestic market.
With the recent decision to enable rice exports to Singapore, India is not only addressing the food security needs of a friendly nation but also deepening its role as a significant player in the global food trade. This development aligns with the broader objective of strengthening diplomatic ties and fostering mutual growth between the two nations.
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