In July 2023, the Indian government announced export restrictions on non-basmati white rice. Coming after earlier export limits on other types of rice, the action was taken in part due to a strengthening El Niño that threatened to limit rice production and fuel rising food inflation—a potential political liability for the Modi government as it faced upcoming general elections in spring 2024.
The measure affecting a key export crop immediately disrupted global rice markets, with the benchmark Thai white rice price increasing over 20% by early August 2023. Rice prices have remained at those levels since then