In a proactive move, government authorities have implemented measures to control price surges and ensure a steady supply of essential goods, particularly during the festive season. Below is an overview of the key actions being taken:
The government has extended the 20% export duty on parboiled rice until March 31, 2024. This measure is designed to maintain an ample supply of parboiled rice in the domestic market. The existing export duty has already resulted in a substantial decline in exports, with quantities falling by 65% and value by 56%.
Additionally, the export of broken rice has been prohibited. A previous 20% export duty on non-basmati white rice was imposed last year, followed by a complete ban on non-basmati white rice exports this year. These actions are essential in preventing price spikes for this critical staple.
In terms of wheat supply, the government has decided to offload 50 lakh tonnes of wheat under the Open Market Sale Scheme (domestic) via e-auction. To date, 25.6 lakh tonnes have been successfully offloaded. Cooperative agencies are actively selling wheat flour in the open market at a price of Rs.27.50 per kilogram. These initiatives have resulted in increased wheat availability, helping to moderate both retail and wholesale prices.
Retail inflation in wheat has remained steady at around 3.6% over the past year, indicating effective control measures.
Authorities are optimistic that edible oil prices will remain stable during the festival season. No significant price hikes are expected in the near term, providing reassurance to consumers who rely on these essential goods.
These proactive measures, including the indefinite extension of export restrictions on sugar, are aimed at ensuring food security and price stability for essential commodities. The government's swift actions are designed to provide relief to consumers during the festive season and beyond.
Q1. What is the current export duty on parboiled rice?
Answer: The government has extended the export duty on parboiled rice to 20% until March 31, 2024, to ensure sufficient supply in the domestic market.
Q2. How much wheat is the government planning to offload?
Answer: The government plans to offload 50 lakh tonnes of wheat under the Open Market Sale Scheme, with over 25 lakh tonnes already sold successfully.
Q3. What measures are in place for edible oil prices?
Answer: Authorities expect edible oil prices to remain stable during the festive season, with no significant price increases anticipated in the near future.
Q4. How has retail inflation in wheat changed recently?
Answer: Retail inflation for wheat has remained steady at approximately 3.6% over the past year, indicating effective market control measures.
Q5. What other commodities are affected by these government measures?
Answer: Besides parboiled rice and wheat, the government has extended export restrictions on sugar to ensure food security and price stability for essential commodities.
Question 1: What is the purpose of extending the export duty on parboiled rice?
A) To increase exports
B) To stabilize domestic supply
C) To encourage foreign trade
D) To reduce prices abroad
Correct Answer: B
Question 2: What is the current retail price of wheat flour being sold?
A) Rs.20 per kilogram
B) Rs.27.50 per kilogram
C) Rs.30 per kilogram
D) Rs.35 per kilogram
Correct Answer: B
Question 3: How much wheat has been offloaded under the Open Market Sale Scheme so far?
A) 10 lakh tonnes
B) 25.6 lakh tonnes
C) 40 lakh tonnes
D) 50 lakh tonnes
Correct Answer: B
Question 4: What is the expected trend for edible oil prices during the festive season?
A) Significant increase
B) Decrease
C) Remain stable
D) Unpredictable
Correct Answer: C
Question 5: What has been the retail inflation rate for wheat in the past year?
A) 1.5%
B) 2.5%
C) 3.6%
D) 4.5%
Correct Answer: C
Kutos : AI Assistant!
