India's decision to ban the export of non-basmati rice has led to consumers panic-buying and stockpiling Indian rice around the world. In Canada, the U.S., and abroad, reports of panic-buying are flourishing on social media.
, although CBC News has not been able to independently verify the authenticity of videos showing hoarding and panic buying.India has taken the extraordinary step in order to ensure domestic supply, and bring down prices, which have soared due to excess raina and drought in rice-producing regions.
Sophia Murphy, executive director for the Minneapolis-based Institute for Agriculture and Trade Policy, says rice is such a staple for India and its 1.2 billion people that the government manages supply closely. Unlike other food commodities, she says the global rice market is very domestically oriented, as less than 10 per cent of all the rice in the world ever crosses a border.
"If they ban or someway limit the exports, it should keep more production in the country and it should reduce the inflation pressure that is there on food prices," she said. Murphy says while supply of basmati may also be strained, the government did not move to ban exports since it is a more premium product. Local concern is on the other staple varieties, which is why the government used the dramatic step of halting exports.
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