Rice prices rise 30% due to increased demand from West Asia and shortage of paddy acreage
The paddy-growing area in the six northern and eastern states mentioned above lags 3.7 million hectares compared to the same period last year as of July 29. The deficit is close to a tenth of India’s kharif rice area of 39.7 million hectares.
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“Prices of all varieties of rice increased by 30 percent. Ratna variety of rice, which was priced at Rs 26 per kg, jumped to Rs 33… Prices of basmati rice also climbed by nearly 30 percent”. cent, from Rs 62 per kg to Rs 80, as the demand is very strong from Iran, Iraq and Saudi Arabia,” said Suraj Agarwal, CEO of Kolkata-based Tirupati Agri Trade.
Excluding increased demand from countries, the decline in acreage still involved nearly 10 million tonnes of production at an average yield of 2.6 tonnes per hectare. In the current Kharif season, India is targeting a production of 112 million tons of rice. Our production of the crop, including the winter crop, in fiscal year 2022 was 130 million tons, and exports were 21 million tons.