Favourable climate to boost Indian rice shipment to global markets
India’s growing dominance in the rice export market can be attributed to its favorable climatic conditions and abundant agricultural land, allowing for both domestic consumption and surplus production, according to a report by ResearchAndMarkets.
Investments in advanced farming practices and high-yielding varieties have boosted productivity and quality, said the “Rice Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” report released 30 Aug 2023.
“Indian skilled farmers and efficient supply chain infrastructure further contribute to its competitive edge,” it said.
“The government supportive policies, including export subsidies and streamlined trade regulations, have facilitated India’s emergence as a major player in meeting the rising global demand for rice, noted the report.
The All-India Rice Exporters Association reported that in FY23, India non-basmati rice exports reached 17.79 million tons (MT), surpassing the 17.3 MT exported in FY22.
According to the USDA, India is projected to achieve a record-breaking rice production of 127 million metric tons (MMT) in the marketing year 2023/2024. This growth is driven by factors such as favorable climatic conditions, diverse agro-climatic zones, and abundant water resources. Fiinews.com
