The government of India stated in a statement on Thursday that below-average rainfall is projected to cause rice production to decline for the first time in eight years in 2023–2024, while wheat production is predicted to increase by 1.3% from the previous year.
The world’s top exporter is closely monitoring its rice production after New Delhi prohibited the export of non-basmati white rice in July, driving up prices worldwide.
According to the Ministry of Agriculture and Farmers Welfare, rice production is predicted to decrease to 123.8 million metric tonnes in the crop year ending in June, while wheat production may increase to 112 million tonnes from 110.6 million tonnes the previous year.
Extended export restrictions may lead to a further increase in food costs because of low stock levels in other major exporting nations including Pakistan, Thailand, Vietnam, and Myanmar.
