In response to the recent 25% retaliatory tariff imposed by the US on Indian rice, Hon’ble Shri Piyush Goyal, Minister of Commerce & Industry, Government of India, convened a high-level emergency meeting in Mumbai.
Interestingly, the meeting was attended by leading exporters and industry representatives to assess the situation and chalk out the future strategies. During the meeting, Dr Prem Garg, National President, Indian Rice Exporters Federation (IREF) and Chairman, Shri Lal Mahal Group, assured the Government that the Indian rice export sector is prepared to face this challenge boldly.
Dr Garg also mentioned an important parallel development where a major international market has lifted the restrictions on import of Indian rice that were in place for the last 4 months. This market is far bigger than the US – while the US imports around 2 lakh metric tonnes of rice from India annually, this new market imports over 10 lakh metric tonnes of Indian rice annually. This decision will offset the trade barriers created by US tariffs and open up new and diverse trade opportunities for India. Dr. Prem Garg termed the occasion as an opportune moment to strengthen global branding, further raise quality standards and expand into premium and new markets. He said that India’s rice industry, especially in both Basmati and non-Basmati categories, is known for its exceptional quality across the world and despite changing global trade policies, the sector can make its presence felt in new markets. IREF assured full support to the Government of India and pledged active cooperation to maintain the momentum in exports, identify emerging markets and reduce dependence on any one country. The meeting reflects the Government’s commitment to protect Indian trade interests and long-term sustainable growth of exporters.