India is considering “the world’s largest rice exporter”, banning the export of rice, in a move that could raise its prices globally, given the high prices of basic foodstuffs.
The move comes after the World Meteorological Organization (WMO) announced last week the return of the frightening turbulent weather phenomenon, known as the “El Niño phenomenon”, which occurs naturally every few years, as it is likely to lead to increased heat waves, droughts and floods.
The sources, who requested anonymity due to the specificity of the information, said the authorities wanted to avoid the risk of further inflation ahead of the elections, and the export ban would affect 80 per cent of India’s rice exports.
While this step may reduce domestic rice prices, it risks increasing global prices even further, and rice is a staple food for about half of the world’s population, with Asia consuming 90 per cent of global supply.
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