On September 28, 2024, India lifted its ban on non-basmati white rice exports, allowing shipments to resume under a new minimum export price (MEP) of $490 per tonne. This marks a significant shift in India's export policy, as the ban had been in place since July 20, 2023. 

The decision to remove the ban comes amid growing global demand and food security concerns in various countries. Initially, the Indian government had restricted exports to safeguard domestic supplies and ensure food security, allowing only limited shipments based on requests from other nations. 

The lifting of the ban has led to a notable decrease in global rice prices. Following the announcement, prices dropped significantly as the global supply increased, benefiting Asian and African countries that rely heavily on rice imports. Reports indicate that India, which accounted for over 40% of the world’s rice exports in 2022, has prompted competing exporters from countries such as Thailand, Vietnam, and Pakistan to lower their prices in an effort to remain competitive.

Industry experts highlight that the removal of the ban is a crucial step in re-establishing India’s dominance in the global rice market, which had seen prices soar to their highest levels in over 15 years following last year's restrictive measures. As key importing countries, including the Philippines, Nigeria, and Indonesia, assess the implications of increased Indian rice supplies, the global market awaits further price adjustments in response to this significant policy change.