Rice prices may increase in the coming time due to less sowing of paddy in the Kharif crop. This time the production of rice is expected to decrease by 60-70 lakh tonnes. This will also have an impact on inflation rates.
Retail inflation stood at 7 percent in August. However, the rate of wholesale inflation has remained at an 11-month low. Irregular and delayed southwest rains in June-September are expected to reduce the paddy crop. According to the consumer ministry, the wholesale price of rice has increased by 10.7 percent to Rs 3,357 a quintal in a year. The retail price has increased by 9.47 percent to Rs 38.15 per kg.
The Food Ministry estimates that due to this there may be a decrease in the production of rice. Some experts believe that India has enough buffer reserves, so there is no need to panic. Along with banning the export of rice, the government has also imposed an export duty of 20 percent to reduce the prices.
NITI Aayog said, there is no need to panic
NITI Aayog member Ramesh Chand said that there is no need to panic about the price of rice. The rise in prices is because the Minimum Support Price (MSP) has been increased. At the same time, fertilizers and fuel have also become expensive.
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