🌾🍚 Modi government's decision impacts on food prices worldwide.. 🌾🍚

On July 20, 2023, the Government of India banned the export of small rice. India is the largest exporter of rice in the world. India accounts for 40 percent of the world's exports. 🇮🇳🌾 But with the rising prices in the domestic market and the 2024 Lok Sabha elections, the Modi government has imposed a ban on the export of rice so as not to compromise on inflation.

On July 20, 2023, the Government of India banned the export of small rice. India is the largest exporter of rice in the world. India accounts for 40 percent of the world's exports. 🇮🇳🌾 But with the rising prices in the domestic market and the 2024 Lok Sabha elections, the Modi government has imposed a ban on the export of rice so as not to compromise on inflation. Only after this, in countries like America, Australia, Canada, NRIs and citizens of African origin are buying and storing rice. India's decision to ban the export of non-basmati rice is likely to cause a sharp rise in rice prices in the global market.After Russia's attack on Ukraine in February 2022, a global food crisis arose due to supply issues. When wheat prices skyrocketed, so did cooking oil prices. Even at that time India banned the export of wheat to control prices in the domestic market. 🚫🍚 Now they have banned the export of rice. IMF has asked India to lift the ban. In view of the global food crisis, International Monetary Fund Chief Economist Pierre-Olivier Gaurinchas has also requested the lifting of the ban on exports from India. It could create a crisis in the entire world. He said that due to this type of ban, the prices of food items are increasing massively all over the world.📈📉