After India imposed a ban on the export of non-Basmati rice to the USA, rice traders in the USA are minting money. The IMF raised worry about the rice export ban. Due to a social media campaign claiming that there is a surge in demand for rice in the US, all the major rice producers have raised their prices.
Since India’s ban, prices in the US have practically doubled. Restaurant owners have allegedly upped their purchases of basmati rice going forward because they believe the restriction on rice in the coming days won’t be extended to other varieties. The conflict between Ukraine and Russia has caused global food grain scarcity. It’s possible that things could get trickier as a result of India’s recent prohibition on rice exports.
Concern over India’s ban on rice exports has been voiced by the International Monetary Fund (IMF). Pierre Oliver Gourins, chief economist at the IMF, stated that he wanted the sanctions to be repealed since there was a chance it might have an effect on world inflation. the decision that India made. According to him, there is a chance that lower food prices may have a detrimental effect globally and trigger retaliatory actions.