India Rice Production to Fall for the First Time in 8 Years, Government Says

Due to below-average rainfall, India rice production is forecasted to decline for the first time in 8 years in the fiscal year 2023-24, while wheat production is expected to increase by 1.3% compared to the previous year. This information was provided in a government release. Following the imposition of a ban on the export of non-basmati white rice in July, caution is being exercised regarding rice production in the world largest exporter, leading to elevated global prices.

The Ministry of Agriculture and Farmer Welfare anticipates rice production by June in the crop year to be 123.8 million metric tons, down from the previous year's 110.6 million tons, while wheat production may rise from 110.6 million tons to 112 million tons. With low stocks in other major exporting countries such as Thailand, Vietnam, Pakistan, and Myanmar, prolonged export restrictions could result in increased prices and food shortages.