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Owing to poor rain in major <keyword id="13726" type="General" weightage="20" keywordseo="rice" source="Orion">rice</keyword> producing states like <keyword id="6357713" type="General" weightage="80" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Bihar and West Bengal, the Centre on Thursday imposed 20 per cent duty on export of various grades of rice. According to a <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> notification, 20 per cent <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on rice in husk, husked rice and milled rice has been imposed which would be applicable from September 9. The move would help rein in prices of rice across the country. The decision to impose 20 per cent export duty on rice comes after wheat exports were banned in May. Inadequate rainfall in rice producing states has raised concerns of poor output, which has led to the imposition of export duty on the commodity. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/what-does-the-missing-sim-card-slot-on-iphone-14-mean-for-users/articleshow/94075327.cms">What does the missing SIM card slot on iPhone 14 mean for users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/online-festival-sales-likely-to-be-28-higher-than-pre-covid-levels-at-11-8-billion-report/articleshow/94076810.cms">Online festival sales likely to be 28% higher than pre-Covid levels at $11.8 billion: report</a>

Government imposes 20% export duty on rice

<ul class="summary-list"><li>India, the world's top rice exporter, has imposed a 20% tax on shipments of some rice grades.</li><li>It has also banned the exports of 100% broken rice, which is mostly used for animal feed.</li></ul>India — the world's top rice exporter — has slapped a 20% tax on shipments of some rice grades in a move that could worsen the <a href="https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8">food crisis.</a>The new export tax that affects some rice grades will take effect Friday, according to an <a href="https://egazette.nic.in/WriteReadData/2022/238667.pdf">announcement</a> from India's finance ministry on Thursday. India also banned the exports of 100% broken rice, which is mostly used for animal feed, <a href="https://www.bloomberg.com/news/articles/2022-09-08/india-imposes-20-tax-on-some-rice-exports?srnd=premium">Bloomberg</a> and <a href="https://www.reuters.com/world/india/india-imposes-20-duty-rice-exports-various-grades-2022-09-08/">Reuters</a> reported, citing government notices.The developments come as rice plantings in India have been impacted by a lack of rainfall in some areas this year, per the news agencies.India accounts for about 40% of global rice exports, according to the <a href="https://www.usda.gov/oce/commodity/wasde/wasde0822.pdf">US Department of Agriculture,</a> or USDA. The country's moves to levy a 20% tax on some rice grades while restricting broken rice are expected to push up prices of the staple grain amid a surge in food prices worldwide.China and the Philippines are the world's top two importers of the staple grain, according to the USDA.As the prices of <a href="https://www.businessinsider.com/food-shortage-explained-charts-grain-sunflower-prices-record-highs-2022-4">wheat and corn</a> rallied this year on the back of the Ukraine war, rice prices remained <a href="https://www.bloomberg.com/news/articles/2022-03-08/rice-could-keep-asia-s-food-inflation-risks-from-getting-worse">relatively stable,</a> giving inflation-weary consumers some reprieve. But India's latest move may change that, and shift demand from India to its competitors."With this duty, Indian rice shipments will become uncompetitive in the world market. Buyers will shift to Thailand and Vietnam," B.V. Krishna Rao, the president of the India Rice Exporters Association, told Reuters. The two Southeast Asian countries are the world's second- and third-largest rice exporters globally.After <a href="https://www.businessinsider.com/india-bans-wheat-exports-says-ukraine-war-threatens-food-security-2022-5">wheat</a> and <a href="https://www.businessinsider.com/india-limits-sugar-exports-food-protectionism-inflation-security-2022-5">sugar</a>, rice is now the third major agricultural commodity in India to face export restrictions this year. The wave of <a href="https://www.businessinsider.com/food-protectionism-countries-restrict-exports-security-inflation-wheat-palm-beef-2022-5">food protectionism</a> comes amid supply concerns and inflation fears.

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

(Image source- pixabay.com) <ul><li>The Indian government has approved a new policy to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes. </li><li>Under the policy, all restrictions on the <keyword id="35094" type="ORGANIZATION" weightage="20" keywordseo="export">export</keyword> of organic and processed food items will be lifted. These include mandi (wholesale) taxes, minimum export prices, duties and quota restrictions. </li><li>Not only will this help <keyword id="45092" type="COMPANY" weightage="20" keywordseo="farmers">farmers</keyword> tap into foreign markets better, but will stabilise export flows and improve relations with <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> partners. </li><li>The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in R&amp;D. </li></ul>Prime Minister Narendra Modi has always stressed that one of his administration’s key priorities is to boost farmer incomes, the progress on which has been hindered by persistently low retail food prices. With this in mind, on 6 December, his Union Cabinet <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1554960">approved a new policy</a> to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes, and make India one of the world’s 10 largest agricultural exporters. The move follows a wave of farmer protests in India with the goal of obtaining better prices and a waiver of farm loans. Under the policy, all restrictions on the export of organic and processed food items will be lifted. These include mandi taxes, which are fees levied on the sale of produce that vary from state to state, minimum export prices, duties and quota restrictions. In addition, perishable exports will be granted single-window clearance. Not only will this help farmers tap into foreign markets better, but will stabilise trade flows and improve relations with partners as export bans and duties often tend to be a sticking point during trade negotiations. In the past, the Indian government has instituted export bans on certain food items in response to soaring domestic demand. The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in logistics and technology to make smallholder-farmers trade-ready. India’s agricultural exports, which roughly comprise a tenth of the country’s overall merchandise exports, are currently dominated by three items: basmati <keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword>, meat and marine products. In an attempt to diversify India’s exports, the central government will invest ₹14 billion to merge a variety of export incentive schemes and set up specialised export-focused clusters in a number of agricultural strongholds in India. There will be clusters dedicated to tea, coffee, bananas, mangoes, pomegranates and spices like turmeric, Suresh Prabhu, the Union Minister of Commerce and Industry, told <a href="https://economictimes.indiatimes.com/news/economy/policy/union-cabinet-approves-agriculture-export-policy/articleshow/66974576.cms">media outlets</a>. To ensure quality control in terms of production, logistics and distribution, a programme called “Brand India” will also be set up with the participation of state governments and private investors. Each state will also be expected to establish a specific department that will be tasked with implementing the agricultural export policy. One of the major aims envisioned under the policy is too boost the export of value-added items and to cause a shift in India’s current practice of exporting residual produce and make it become a producer of commodities that are exclusively for the export market. SEE ALSO: <a href="https://www.businessinsider.in/india-might-revive-tea-exports-to-iraq-as-sanctions-on-trade-with-iran-loom/articleshow/66968276.cms">India might revive tea exports to Iraq as sanctions on trade with Iran loom</a> <a href="https://www.businessinsider.in/indias-government-is-launching-an-online-logistics-portal-to-boost-exports/articleshow/65528157.cms">India’s government is launching an online logistics portal to boost exports</a> <a href="https://www.businessinsider.in/india-could-soon-become-the-worlds-largest-sugar-producer-but-heres-why-thats-a-problem/articleshow/65657844.cms">India could soon become the world’s largest sugar producer but here’s why that’s a problem</a>

India just approved a new policy with the aim of doubling agricultural exports by 2022

<div class="KonaFilter image-container display-table"><div><div class="image on-image">APUS President Donald Trump and Chinese President Xi Jinping walk together at Mar-a-Lago in 2017.</div></div></div><ul class="summary-list"><li>By giving Huawei Technologies the so-called "death penalty" the Trump administration has shown that it does not trust Chinese government to act in good faith.</li><li>Consider this a major impediment to any kind of trade deal. </li><li>The US isn't just trying to block China's companies from US markets anymore, it's trying to block them from markets all around the world.</li><li>In this environment "divorce is a real risk."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>By giving Huawei Technologies the <a href="http://email.substack2.sinocism.com/c/eJw1UdGOrCAM_ZrhDYMwqDzwsJub_Q2DUB2yCgbqmrlfv3Umm5A2aXt6Dj3eISy5PO2eK7KjQhljsK2SyhjDgvWTUiawWMe5AGwurhbLAWw_pjV6hzGnCyDZw3ojJmEm0wkJdz-Dn4xRgxTG6UEpObOLYnRHiJA8WPiB8swJ2GofiHu9qY-b_KJ3nmdzuvqIacGcLlDj83Y1clkD5fSidSuv4I8S8Uk1ErXtvMYlVZ5LgMIx871kBI_8qDwBEvy78rnkjc-5AI1yqPu1aQHu-JZ_gOPDIXf7Dq7UawO6sgByT2IcsUjRGkpCU2ivEMwgwWvB-172vG3B8ClIzb0ZjNYa-r7rxop04OaB28qivVYI3XatVkrLpm161f4z-nO4f7RfnRi6213UY6ro_LdsakzZx7pdF2DFrmve4T9NTAd1oFKokT77apMlI-XtSHSSEZKbVghvt_Bt78sAfO5gE5x1BUQo7yJZqA2JZUQdMtmc7B_1LxYKuw8">"death penalty,"</a> the Trump administration has escalated tensions between the US and China to a level of hostility akin to a tech Cold WarOn Tuesday the Trump administration put the Huawei on the Commerce Department's "Entity List." It sounds benign, but the listing makes it <a href="https://www.vox.com/2019/5/16/18627471/trump-china-trade-war-huawei-xi">nearly impossible</a> for a company on the list to do business with American firms.This is a big problem for Huawei considering the US is home to <a href="https://www.scmp.com/business/companies/article/2143569/huawei-better-shape-withstand-us-pressure-thanks-industrys">one in four of Huawei's suppliers including </a>chip makers Qualcomm and Micron Technology. Analysts at Eurasia Group <a href="https://www.bloomberg.com/news/articles/2019-05-16/trump-s-huawei-threat-is-the-nuclear-option-to-halt-china-s-rise">pointed out</a> that without US suppliers, Huawei would be unable to conduct even routine maintenance and hardware replacement.Given the severity of the action, the implications of the Huawei situation are much more far reaching than Trump's tariffs on Chinese goods. In cutting off Huawei's supplies, the Trump administration is directly attacking a company tied to the Chinese government.And there could be more to come. A bipartisan group of Senators is <a href="https://www.reuters.com/article/us-usa-china-huawei-tech/u-s-legislation-steps-up-pressure-on-huawei-and-zte-china-calls-it-hysteria-idUSKCN1PA2LU">working on legislation</a> would put a ban on selling technology to any Chinese company that violates US sanctions by doing businesses in countries like North Korea or Iran.There's also a bill sitting in the Senate Judiciary Committee called the China Technology Transfer Control Act. It would put all core technologies developed through China's 'Made in China 2025' technology push on the <a href="https://www.hawley.senate.gov/sites/default/files/2019-05/2019_05_10_China-Technology-Transfer-Control-Act.pdf">Commerce Department's export control list along with Huawei</a>.'Made in China 2025' is meant to be the next phase in the China's plan to evolve it's economy into a major player in the global tech market. The China Technology Transfer Control Act would put a wrench in those plans.These are more than trade war moves, they're Cold War moves.For those who's memory of Chinese history only goes back to its last opening to the West the 1970s, this is probably a jolt. But the reality of the US relationship with China is that it is one of opening and closing - trust and hostility - going back to the 18th century.And right now, it seems like the pendulum has swung back toward hostility once again.<h2>What is Huawei?</h2>We know that Huawei makes phones and other telecommunications technology. We also know that the Department of Justice charged Huawei for attempting to steal technology from a US company (a rather basic looking <a href="https://www.npr.org/2019/01/29/689663720/a-robot-named-tappy-huawei-conspired-to-steal-t-mobile-s-trade-secrets-says-doj">T-Mobile robot named Tappy</a>), and violating US sanctions to do business with Iran. We also know that we know next to nothing about who really controls the company aside from the founder Ren Zhengfei. After going to university, Ren joined the People's Liberation Army and developed technology for them. He left the army in 1982 and founded Huawei in 1987. His daughter, currently <a href="https://www.cnbc.com/2019/05/08/huawei-cfo-meng-wanzhou-extradition-case-everything-you-need-to-know.html">under house arrest</a> in Canada as part of the DOJ's case against the firm, is the CFO of the company. <a href="https://www.nytimes.com/2019/04/25/technology/who-owns-huawei.html">Ren owns 1.47% of Huawei</a>, while the rest is owned by a trade union. When questions about Huawei's control started surfacing in Western media, the company <a href="https://www.nytimes.com/2019/04/25/technology/who-owns-huawei.html">invited reporters to look at a thick book</a> held in a locked glass box at Huawei headquarters. That book, they said, was the list of all the members of the trade union who own shares in Huawei. Those shares do not give them much power, though, and serve more as a profit-sharing agreement. Economics professor Christopher Balding, formerly of Peking University, and George Washington University Law School professor Donald Clarke wrote a paper examining the control of Huawei in April."Given the public nature of trade unions in China, if the ownership stake of the trade union committee is genuine, and if the trade union and its committee function as trade unions generally function in China, then Huawei may be deemed effectively state-owned," they wrote.This is why the world - and especially the US's closest allies - is so circumspect about letting Huawei rule the future of telecommunications by building out 5G networks.<a href="https://www.bbc.com/news/uk-48297407">The former head of the UK intelligence agency,MI6,</a> said allowing the company to do build the new 5G networks in the UK would give the Chinese government a "potentially advantageous exploitative position" in the country. Australia has even banned Huawei from <a href="https://techcrunch.com/2018/08/22/australia-bans-huawei-and-zte-from-supplying-technology-for-its-5g-network/">building its 5G infrastructure outright.</a>Huawei is trying hard to assuage fears that it could build backdoors for the Chinese Communist Party to walk through. It is no doubt using China's vast network of lobbyists, friendly academics, and political allies to do so. And the company has gone so far as to promise to sign <a href="https://www.reuters.com/article/us-huawei-security-britain-chairman/huawei-willing-to-sign-no-spy-agreements-with-governments-chairman-idUSKCN1SK1HL">no-spy agreements with its customers,</a> which itself is eyebrow-raising.<h2>Tell me why did our love turn cold?</h2>All of this is to say that the <a href="https://www.businessinsider.com/huawei-deceitful-duplicitous-us-government-official-says-2019-2">US does not trust Huawei</a>. And since Huawei appears to have close ties to the Chinese government, it's safe to say that Trump's move against the company shows that he doesn't trust the Chinese government either.This has scholars like Balding wondering if a trade deal can even be made under these conditions."This lack of trust is more than just an existential or theoretical implication but directly impacts the ability to reach a deal," <a href="https://www.baldingsworld.com/2019/05/13/some-bigger-picture-trade-war-stuff-part-i/">he wrote as talks collapsed</a> earlier this month. "A major sticking point, from a variety of reports on multiple levels, appears to have been the issue of enforcement, verifiability, and or commitment... In other words, the lack of trust proved quite consequential."To many in China the US is being irrational. In January Hong Kong property tycoon <a href="https://www.scmp.com/news/china/diplomacy/article/2182783/ronnie-chan-donald-trump-and-what-china-got-wrong-trade-war?MCAccountID=3775521f5f542047246d9c827&amp;MCCampaignID=a6534e5f70&amp;MCUID=4672f7018e&amp;tc=1&amp;utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axioschina&amp;stream=top">Ronnie Chan</a>, an American citizen who sits on the Council on Foreign Relations, told the South China Morning Post:People said China has been stealing technology. Well first of all, everybody steals technology. And number two, three years ago, I had a discussion with [former CIA director] general David Petraeus and [former US secretary of state] Condoleezza Rice on this subject of stealing technology from one another. Is that something that happened in the last one year? Did it get worse? It didn't get worse, so what changed your mind?But China has changed. Under Xi Jinping it <a href="https://www.scmp.com/news/china/policies-politics/article/2120318/human-rights-china-under-xi-jinping-worst-tiananmen">has become more totalitarian</a> and abusive of human rights. <a href="https://www.businessinsider.com/map-explains-china-crackdown-on-uighur-muslims-in-xinjiang-2019-2">Take the millions of Uighurs</a> living under surveillance and going through reeducation in Xinjiang as one sign, take Xi's <a href="https://www.washingtonpost.com/world/asia_pacific/in-china-investigations-and-purges-become-the-new-normal/2018/10/21/077fa736-d39c-11e8-a275-81c671a50422_story.html?utm_term=.0c026c3b8033">never-ending "anti-corruption drive"</a> that has helped to purge his enemies as another. These changes and China's global ambitions set the stage for a prolonged stand off between the US and China. John Garnault, a former journalist and Australian government official who came to have rare access the Chinese Communist Party's ruling class has argued that Xi is returning to the Chinese Communist Party's Stalinist roots.Here's an excerpt from a speech Garnault gave for the Asian Strategic and Economic Seminar Series called "<a href="https://nb.sinocism.com/p/engineers-of-the-soul-ideology-in?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axioschina&amp;stream=top">Engineers of the Soul: Ideology in Xi Jinping's China":</a>"The challenge for us is that Xi's project of total ideological control does not stop at China's borders. It is packaged to travel with Chinese students, tourists, migrants and especially money. It flows through the channels of the Chinese language internet, pushes into all the world's major media and cultural spaces and generally keeps pace with and even anticipates China's increasingly global interests."<h2>Cold future</h2>What measures like giving Huawei the "death penalty" will do is sever the economic ties between the US and China. In the foreign policy world this is known as "decoupling" and in March Chinese Premier Li Keqiang called such a notion <a href="https://www.scmp.com/news/china/diplomacy/article/3001910/li-keqiang-says-decoupling-us-not-realistic-denies-china-would">"unrealistic."</a>Others, like former Treasury Secretary Hank Paulson, have been less certain. In <a href="http://www.paulsoninstitute.org/news/2018/11/06/statement-by-henry-m-paulson-jr-on-the-united-states-and-china-at-a-crossroads/">an address</a> at the Bloomberg New Economy Forum in Singapore last year he said:"...at this point, after forty years, when we have had one kind of relationship but now, quite clearly, face the daunting task of transitioning to a new one - anchored in a realistic and more sustainable - strategic framework - divorce is a real risk."That divorce could, according to Paulson, create an economic "iron curtain" dividing the world between the two largest economies.Thanks to US-China trade tensions, this divorce is <a href="https://www.nytimes.com/2019/04/05/business/china-trade-trump-jobs-decoupling.html">already happening </a>in the world of supply chains, albeit with much confusion. Some US companies feel they must leave China, but they aren't exactly sure where to go or how they'll be treated when they get there. It's a mess - the kind of mess that is made when the world gets colder. This is an <keyword id="6356002" type="UNKNOWN" weightage="100" keywordseo="opinion">opinion</keyword> column. The thoughts expressed are those of the author. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/stewart-butterfield-advice-for-millenials-2015-7">Stewart Butterfield, co-founder of Slack and Flickr, says 2 beliefs have brought him the greatest success in life</a></h3> <div> </div> </div>

Trump's Huawei ban escalates the US-China trade war into a tech Cold War

Synthetic drugs are now common in Chinese cities. They are being exported, too.
All sorts of things can be ordered online in China, but few goods are delivered as fast as ketamine.
It takes one hour and 500 yuan ($80), says Nine Ice Dragon Room, a dealer on QQ, an online-messaging service, for five grams of Guangdong's purest "K" to reach an address in central Shanghai.
It is an exchange that reflects the new realities of urban China.
Years of urbanisation and rising incomes have created a generation of young office workers with the time and money to experiment. "Meth is cheap heroin," says one 29-year-old video producer. "It's very popular among white-collar people."
There are more than 2m registered drug users in China (up from about 70,000 in 1989) but the head of China's drugs control bureau says the actual figure is more like 10m. Heroin remains the most popular narcotic, accounting for 60% of registered users, but its take-up by new users is declining. Instead, people are opting for synthetically manufactured drugs, such as K, ecstasy and methamphetamine ("meth"). In 2005 nearly 7% of new registered addicts used synthetic drugs, according to China's National Narcotics Control Commission. By 2013 that had risen to 40%. The spread of the internet has aided sales. Dealers on QQ or WeChat, a popular smartphone app, have user names that include the characters "pork" for meth, "rice" for ketamine and "ice" for crystal meth.
Just as China has become the place to manufacture cheaply everything from tennis shoes to iPads to Bibles, so it is with drugs. Clandestine labs produce vast quantities of ketamine and other synthetics which are now fuelling a worldwide boom. Some are now calling China the new front in the global war on drugs.
Meth is especially addictive. It is also easily manufactured. It has become the scourge of China's anti-drug departments and of neighbouring countries. In 2012 Chinese authorities seized 102m methamphetamine pills, more than double the haul in 2009. Drug busts have assumed cinematic proportions. Last December helicopters, speedboats and 3,000 armed police raided Boshe, a village in the southern province of Guangdong. "Operation Thunder" seized three tonnes of the drug.
Western governments have trouble keeping up with how to regulate all the new types of drugs. China, with its underdeveloped legal system, finds it even more difficult. That some drugs can be used for legitimate industrial and pharmaceutical purposes further complicates regulation (ketamine is an anaesthetic). As one drug is banned, others, made from similar chemicals, are produced and sold legally. These "legal highs" contain compounds similar to banned narcotics such as mephedrone ("meow meow"), and are designed to mimic their effects.
Norman Baker, Britain's drugs minister, recently said that Britain was "in a race against the chemists of new substances being produced almost on a weekly basis in places like China and India". The number of new "psychoactive" substances recorded by the UN Office on Drugs and Crime more than doubled between 2009 and 2013. The worrying part, says Owen Bowden-Jones, a consultant psychiatrist at the Club Drug Clinic in London, is that many new synthetics have higher potency than the drugs they emulate, and little is known about the damage they cause.
Hundreds of laboratories clustered around Chinese ports fulfil the orders for "legal highs" from dealers in America and Europe. Global courier services ship the orders. China also produces many of the chemicals used in banned drugs. In 2012 six shipments of methylamine were intercepted by authorities in Central and North America, totalling more than 130,000 litres (28,600 gallons). The substance, when mixed with other chemicals, can produce meth. Nearly all of it originated in China.
Whatever is decided legislatively, young people will continue to take synthetic drugs. Banning them prompts dealers to sell their soon-to-be-illegal stock at cut-rate prices. Then they place new orders with Chinese chemists for novel compounds that can be sold legally in the West.
One supplier, found during a random web search, claims she can ship 1kg of a chemical called 4-MEC to London for $2,100. Bitcoin is among the payment options. Often sold in Britain under the name NRG2, 4-MEC is a chemical cousin of the now-banned "meow meow". "Some people say 'It is the best thing I've ever tried,' and some of them feel sick," the website says in broken English. "But anyway, 4-MEC continuous [sic] to be in demand and you can buy 4-MEC right now."
Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist

China Is Becoming A Hub For Exporting Synthetic Drugs

In a bid to contain <keyword id="2928960" type="UNKNOWN" weightage="100" keywordseo="price-rise-of-onions">price rise of onions</keyword>, the Indian Government extended the ban on holding its stock beyond permissible limit by one year. 
 The <keyword id="120170" type="ORGANIZATION" weightage="100" keywordseo="Cabinet-Committee-on-Economic-Affairs">Cabinet Committee on Economic Affairs</keyword> (CCEA), headed by Prime Minister Narendra Modi, took the decision, which empowers states to impose stock limits on traders for holding onion and ban hoarding beyond the set limit. 
 
"The CCEA today approved the stock holding limit order on onion by another year. This will enable state governments take effective de-hoarding measures under the Essential Commodities Act (ECA), 1955," sources told news agency PTI. 
 
The direction comes in wake of rising prices of onions in wholesale and retail markets. The prices are increasing due to sluggish supply of good quality onions. 
 
Also, to curb spike in onion prices in upcoming days due to supply shortage, the government has already increased the minimum export price of the commodity to $425 per tonne and is also planning to import some quantities of onions to boost domestic availability, reported PTI. 
 
Apart from onions, pulses, edible oils, oilseeds, rice and paddy also come under the ambit of stock holding limits order. 
 
As per the data provided by the Government, India's onion production is estimated to have declined to 189.23 lakh tonnes in the 2014-15 crop year, as against 194 lakh tonnes in the previous year. 
 
(Image: Indiatimes)

Ban on hoarding onions beyond ceiling extended by one year

<ul class="summary-list"><li>Food wars will rise amid trade barriers and climate risk, Olam Agri's CEO warned.</li><li>Food inflation has already gone up from a growing supply-demand imbalance.</li></ul>"Food wars" are looming over global stability, as trade barriers and the climate crisis strain supply, the head of trading firm Olam Agri warned.In comments first reported by <a target="_blank" href="https://www.ft.com/content/64ee15d1-c61e-4f48-b6ce-58956176beb0">The Financial Times</a>, CEO Sunny Verghese signaled that rising restrictions on trade are already amplifying food inflation, leading to an exaggerated demand-supply imbalance."We have fought many wars over oil. We will fight bigger wars over food and water," he said during last week's Redburn Atlantic and Rothschild consumer conference.Though agricultural commodity traders took the blame for rising food costs after Russia's 2022 invasion of Ukraine, the CEO pushed back. Instead, the outbreak of non-tariff trade barriers was likely the chief culprit, with 1,266 curbs proliferating that year.While the exchange of commodities grew tighter, demand swelled among wealthier economies, which focused on creating surplus stocks.Higher prices not only amplified a cost-of-living crisis in certain regions but growing food scarcity since COVID-19 has created insecurities in poorer regions, the outlet said.At the same time, a hotter climate has exacerbated challenges in agricultural production, <a target="_blank" href="https://markets.businessinsider.com/news/commodities/gold-price-copper-oil-cocoa-commodities-inflation-interest-rates-economy-2024-4">spurring aggressive rallies across a number of commodities</a>, including <a target="_blank" href="https://markets.businessinsider.com/commodities/cocoa-price">cocoa</a>, <a target="_blank" href="https://markets.businessinsider.com/commodities/coffee-price">coffee</a>, and <a target="_blank" href="https://markets.businessinsider.com/commodities/sugar-price">sugar</a>.According to Verghese this, too, is causing global governments to turn towards protectionism, in an effort to shield domestic markets. Examples include an Indonesian ban on palm oil exports and an Indian curb on rice exports."That was precisely the wrong thing," he said. "You're going to see more and more of that."In the face of climate risks, the trader pressed for the industry to get serious on taking action. For governments, carbon taxation is an appropriate policy, he argued.

Why the world is barreling towards a 'food war,' according to one commodity trader

<ul class="summary-list"><li>Natural catastrophes and bad weather have wreaked havoc on food crops across the world.</li><li>Orange juice futures, cacao beans, and rice have hit all-time highs of late – while Chinese pork has slumped.</li></ul>Natural disasters, adverse weather, and invasive diseases have all helped wreak havoc on the market for some of the world's most important foodstuffs.A succession of hurricanes and deadly bacteria have ravaged American oranges, while heavy rainfall has rotted cacao beans in West Africa. As of Wednesday, Asian rice hit its highest price in almost 15 years; while in China, pork prices have slumped so far that they have dragged inflation into negative territory.Here's a roundup of what's been happening in the world of soft commodities lately.<h2>Orange juice</h2>Orange juice futures hit an all-time high on July 28, as citrus crops all across the US have been hammered by a series of hurricanes and the spread of 'citrus greening', an incurable disease spread by insects.The ICE US frozen orange futures index touched a record 317.5 (USc per lb) – a metric that reflects orange juice production in the US as the lowest in "over 100 years", Matthew Joyner, chief executive of Florida Citrus Mutual, told <a href="https://www.ft.com/content/ab06eadb-1de6-45e8-89c7-50531614d9a8" target="_blank" rel="noopener">the Financial Times</a>. The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply. Not only adverse weather conditions, but the resurgence of the pathogen, has ravaged crops in both America and Brazil. Such headwinds are responsible for the supply shortage in oranges, which has driven up prices that will eventually filter through to consumers.<h2>Chinese pork </h2><a href="https://markets.businessinsider.com/news/commodities/china-pork-prices-have-fallen-dragging-country-into-deflation-2023-8">Chinese pork prices have fallen</a> by over a quarter since the previous July as an oversupply of meat has weighed heavily on consumer food prices, pushing the Asian state into a period of deflation.Pork plays an important part in the makeup of China's Consumer Price Index basket, accounting for around 3% of it, per the Economist Intelligence Unit. "A rough rule of thumb is therefore that a 10% increase in the pork price will push up the CPI by 0.3%," <a href="https://country.eiu.com/article.aspx?articleid=636856447&amp;Country=China&amp;topic=Economy&amp;oid=1092669893&amp;flid=357283419" target="_blank" rel="noopener">the EIU</a> said in a research note, underscoring the animal's importance to the economy.Data from the National Bureau of Statistics showed that pork prices have fallen 26% in July year-on-year, a significant fall for the world's largest producer and consumer of the meat. The decline in prices can be attributed to oversupply in the market, caused by a backlog after a bad outbreak of African swine fever. <h2>Cocoa beans</h2>Orange juice is not the only sweet to see its value jump recently – on Monday, cocoa bean futures surged to their highest levels since 2011, according to data by <a href="https://www.barchart.com/story/news/19234096/cocoa-prices-under-pressure-from-improved-weather-in-west-africa" target="_blank" rel="noopener">Barchart</a>. The beans, used primarily in chocolate, are rallying amid a supply crunch caused by heavy rainfall and the spread of a black pod disease in West Africa, which has rotted cocoa pods. The spread of the blight caused by the extreme wet weather could result in lower crop quality and production, pushing the global cocoa market into a third year of deficit for the 2023/24 season, according to Barchart. <h2>Asian rice</h2>Rice has not been this expensive in almost 15 years, as exceptionally dry weather in Thailand and India and the banning of its own exports foster a global shortage in the crop. The price of Thai white rice 5% broken has hit $648 a ton – the highest since October 2008 – according to <a href="https://www.bloomberg.com/news/articles/2023-08-09/rice-in-asia-soars-to-highest-level-since-2008-on-supply-risks" target="_blank" rel="noopener">Bloomberg data</a> from the Thai Rice Exporters Association released Wednesday. Amid the onset of El Niño, where water temperature in the Pacific rises, Thai farmers are being encouraged to switch to growing crops that require less water. While India, another key producer, last month extended its export ban to protect domestic supply – and this has increased fears of a supply shortage. Rice is integral to the diets of billions of people around the globe, and a shortage may potentially spell catastrophe for households.

You Searched For "rice export ban" and got 8 results

Government imposes 20% export duty on rice

IANS

India, the world's top rice exporter, just slapped a 20% tax on some rice exports. It could further fuel food inflation.

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Ban on hoarding onions beyond ceiling extended by one year

BI India Bureau

Why the world is barreling towards a 'food war,' according to one commodity trader

Filip De Mott

Bad weather, natural disasters, and disease are hobbling crops right now. Here's how the food commodity markets are responding.

Joseph Wilkins

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