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Indian exporters optimistic as Bangladesh plans to import 9 lakh tonne rice
With India accounting for 46 per cent of global rice exports, the country is expected to "emerge as the primary beneficiary of the move for its proximity, availability, and competitive pricing", they said.
"Of the total import plan, 4 lakh tonnes will be procured directly by the Bangladesh government through international tenders, while another 5 lakh tonnes will be imported by private traders of the neighbouring country. The decision comes earlier than usual, amid fear of crop loss due to heavy rain that could impact Bangladesh's Amon paddy currently being sown," Ricevilla Foods CEO Suraj Agarwal told PTI.
Jai Baba Bakreswar Rice Mill Director Rahul Agarwal said the rice industry in the country, especially in Bengal, is well-positioned to benefit from the proposed plan by the Bangladesh authorities, and he did not foresee any diplomatic hurdle amid India's curbs on the import of garments and jute through the Petrapole border.
"At least 30-40 per cent of the private imports will likely be sourced from Bengal mills and traders. Bengal mills will also participate in the government tenders for 4 lakh tonnes. States like Bengal, Jharkhand, Andhra Pradesh, Odisha, and Bihar will benefit the most," he said.
Popular Indian rice varieties such as 'Swarna', 'Ratna', 'Miniket', and 'Sona Masoori' are expected to see price gains in both West Bengal and southern India amid the anticipated demand surge, he said.
Prices of 'Swarna Mansoori' parboiled rice, now at Rs 29 per kg (ex-mill), may rise to Rs 31-32, while 'Miniket' variety currently being sold at Rs 41-42, could touch Rs 45 per kg in the coming weeks, Suraj Agarwal said.
Bangladesh's early import plan reflects "precautionary steps ahead of possible floods during the Amon season", the stakeholders said.
The Bangladesh government has already procured 3.76 lakh tonnes of Boro paddy and 9.50 lakh tonnes of rice against a target of 14 lakh tonnes, with procurement set to conclude by mid-August, according to reports.
From August, Bangladesh proposed to expand its food-friendly programme to 55 lakh families, providing 30 kg of rice per month at Tk 15 per kg during August, September, October, November, February, and March, the reports suggested.
Exporters believe the development will further strengthen "India's position as Bangladesh's key rice supplier while firming up prices for low-to-medium rice varieties in the domestic market".
Visakhapatnam and Paradip ports are major ones for rice exports.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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