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Business News/ Videos / Rice Rush In U.S., U.K. After India Bans Export; Prices Set To Soar To Decade’s High | Watch

Rice Rush In U.S., U.K. After India Bans Export; Prices Set To Soar To Decade’s High | Watch

On July 20th Food and Consumer Affairs Ministry banned the export of non-basmati white rice. India did this to stabilise the volatile retail prices in the country. And this triggered panic among Indians living in the U.S. & U.K. who rushed to the nearest supermarkets in hordes to buy as many rice bags as possible. The weather this year has hit rice production hard. As a consequence, there's a shortage expected in supply. To ensure the shortage in supply doesn't lead to a price rise India decided to impose an export ban. Skyrocketing vegetable prices have already started affecting India's efforts to keep inflation in check.

 
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