MUMBAI, INDIA — India is expected to produce less rice in 2023-24, marking the first drop in eight years, Reuters reported, citing a government statement.
Wheat production is expected to increase 1.3% from a year ago.
Rice totals are expected to reach 123.8 million tonnes while wheat production is estimated at 112 million tonnes.
The drop in rice production could mean the government will extend curbs on exports. The country banned exports of non-basmati white rice in July, causing global prices to surge.
Extending the export restrictions could inflate food prices due to low inventories in other key exporting countries such as Thailand, Vietnam, Pakistan and Myanmar.
