India has removed most of the export curbs it imposed on rice shipments in 2023 with immediate effect, as above-average monsoon rains are expected to boost crop yields amid overflowing stocks in state granaries.

India loosened restrictions on some rice exports, a move that may ease global prices and signal a shift in domestic agricultural policies following recent national elections.

India loosened restrictions on some rice exports, a move that may ease global prices and signal a shift in domestic agricultural policies following recent national elections.Most Read from BloombergVanderbilt Leases Struggling NYC Seminary for Campus ExpansionClimate Migrants Stand to Overwhelm World’s MegacitiesNJ Transit,

India on Saturday allowed exports of non-basmati white rice exports as inventories in the world's biggest exporter of the grain surged and farmers are set to harvest a new crop in the coming weeks. New Delhi set a floor price for non-basmati exports at $490 per metric ton,

Government Saturday lifted blanket ban on export of non-basmati white rice while imposing a minimum export price (MEP) of $490 per tonne on the grain. This came a day after it halved export duty on parboiled rice to 10%.

India imposed curbs on rice exports last year and extended them into 2024 to keep prices in check ahead of the April-June national election.

The government has exempted export of non-basmati white rice from customs duty. In a notification issued late Friday, the revenue department also reduced export duty on parboiled rice, husked (brown rice),