Rice Exports To Touch 7 m Tonnes in 2011-12.

Global credit ratings agency Crisil has predicted that India's rice exports are set to register a three-fold increase at 7 million tonnes in 2011-12 on growing output and weak production outlook in major exporting countries.

“Expectation of a bumper rice crop in India in 2011-12 (October 1 to September 30), lifting of the ban on non-basmati rice exports and a weak production outlook for most rice-exporting countries could lead to a sharp increase in India's share in global rice trade,” the agency has stated in a statement.

The agency estimates India's share in global rice trade to triple to 21 per cent in 2011-12 from 7 per cent in 2010-11. “We expect India's rice exports to reach around 7 million tonnes in 2011-12, up from 2.2 million tonnes in 2010-11,” Crisil ratings director Gurpreet Chhatwal said.

The benevolent monsoon across rice cultivating states is expected to help the country's rice production to reach 100 million tonnes in 2011-12, up 6 per cent over the previous year.

Target

According to the Agriculture Ministry, India produced 95.32 million tonnes of rice in 2010-11 crop year (July-June) and the government has set a target of producing 102 million tonnes of the essential food crop in 2011-12.

“The move to lift the ban on rice exports has come at a great time and could translate into additional $2 billion in export revenue,” Mr. Chhatwal said.

Crisil said an expected decline in rice output in leading rice exporting nations such as Thailand, Vietnam and Pakistan also favoured Indian exporters. “Rice production in Thailand, the largest exporter, is expected to decline in 2011-12 due to a damaged crop following floods.”

Source : thehindu.com