00:00 India is targeting rice prices again this time.
00:06 Last time, the Indian government imposed 20% taxes on rice export.
00:14 Today, it is targeting basmati rice.
00:18 The Indian government has set a minimum price for basmati rice at $1,200 per ton.
00:27 The target is two things, not just one thing related to prices.
00:32 The first is to prevent the Indian government from smuggling non-basmati rice
00:37 through the link between the pricing of basmati rice and non-basmati rice in India.
00:44 By setting this minimum price at $1,200,
00:49 it means that prices will be very competitive for local sales instead of smuggling rice and selling it in foreign markets at higher prices.
00:59 But there is another issue on the line, which is the political issue.
01:03 The Indian government is looking for a third state as the head of the government,
01:09 and it has elections next year.
01:11 Therefore, it wants to reduce the prices of basic foodstuffs in India.
01:17 This is why it has imposed a tax on rice exports by 20%
01:23 and also the decision on the price of land to prevent smuggling non-basmati rice out of India.
01:30 India is a global leader in rice exports.
01:35 It is the largest rice exporter in the world.
01:38 Its share of rice trade in the past two years is 40% of the world's trade in rice.
01:53 These decisions and protection of our agricultural resources
02:00 come at a critical time for the global economy.
02:05 First, Russia has withdrawn from the agreement on the export of grains in Ukraine.
02:10 Second, there is still some global inflation, which is what the central banks are fighting to reduce.
02:17 Third, we have a return to rising energy prices, which is also a negative effect.
02:22 Fourth, we have the global phenomenon of El Nino, which means that climate change
02:27 and natural disasters will be frequent in the coming period,
02:33 which threatens agricultural resources,
02:36 which is normal regardless of what governments around the world are doing.
02:41 In general, after this decision, the prices of rice in the Asian region
02:46 and the export of rice to the highest levels in 15 years have risen.
02:52 There is talk that more rises will be with us in the coming period.
02:58 Zima.
