India has reported non-basmati white rice exports totaling US$ 122.7 million for April-May 2024. This figure follows a trend of substantial rice exports in recent years, with totals of US$ 852.53 million in 2023-24, US$ 2.2 billion in 2022-23, and US$ 2 billion in 2021-22, as reported by Mr. Jitin Prasada, Minister of State for the Ministry of Commerce and Industry. The Indian government is actively monitoring production, availability, and export conditions to determine suitable policy actions.

In response to rising global demand and food security concerns, the government imposed a ban on non-basmati white rice exports effective from July 20, 2023. However, exceptions are granted for government-approved exports to ensure food security for specific countries. During this fiscal year, India has continued to ship rice to several nations, including the Maldives, Mauritius, Malawi, Zimbabwe, and Namibia.

Fisheries Subsidies Agreement (FSA)

In a separate update, Mr. Prasada addressed the status of the Fisheries Subsidies Agreement (FSA), which has yet to come into force due to the failure to secure ratification by two-thirds of the World Trade Organization (WTO) members. The FSA, adopted at the 12th Ministerial Conference, aims to combat Illegal, Unreported, and Unregulated (IUU) fishing and overfished stocks while protecting the interests of fishermen in coastal countries like India.

The agreement is designed to target IUU fishing and overfished stocks without requiring the elimination of subsidies for genuine fishermen. It allows subsidies for vessels and operators not engaged in illegal activities or operating in overfished conditions. The delay in the ratification process has led to continued protection for India's fishing industry under the existing framework.

Also Read : India's Central Bank to Begin Easing Cycle with Projected 100 Basis Points Rate Cut by March 2026

Conclusion

India's export dynamics and its stance on international agreements highlight the country's strategic approach to managing its agricultural and fisheries sectors. While the rice export ban reflects domestic priorities and global market adjustments, the ongoing negotiations and status of the FSA underscore India's efforts to balance economic interests with sustainable practices in the fishing industry.

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