In response to the surge in rice prices, the Government has unveiled a multifaceted strategy to address the concerns of the common man and ensure food security. The announcement comes amidst a 15 per cent rise in rice prices over the last year, prompting measures to cool down prices and promoting transparency in the rice supply chain. To provide immediate relief, the Government has introduced ‘Bharat Rice,’ a subsidised variety set to be sold at Rs 29 per kg in the retail market. This move, coupled with restrictions on exports, will play a pivotal role in stabilising prices. Rice is a staple diet of the majority of the country; as such, it is the top priority of the Government to bring down rice prices. ‘Bharat Rice’ will be made available initially through two cooperatives: NAFED and NCCF. The Government has allocated 5 lakh metric tonnes of rice for sale in the retail market in the initial phase, with 5kg and 10kg packs hitting the shelves next week.
In tandem with this initiative, the Government is taking decisive steps to combat hoarding. All entities stocking rice, including retailers, big chain retailers, wholesalers, and processors, are mandated to disclose their stocks on the portal of the food department. This disclosure aims to bring transparency to the market and deter hoarding practices. It is a matter of concern that, despite a comfortable stock position of rice in the Government’s buffer stock and the domestic market, prices continue to rise. The Government’s commitment to stabilising rice prices extends beyond domestic measures, as various export regulations, including a prohibition on shipments of non-basmati white rice and broken rice, a 20 per cent export duty on parboiled rice, and a minimum export price of USD 950 per tonne for basmati rice, have been put in place. The Government’s comprehensive approach reflects a determination to address rising rice prices and secure food security for the nation. As the Government endeavours to cool down prices, the spotlight remains on ensuring accessibility and affordability for the common man while safeguarding the nation’s food security.
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