India, the world's largest grower of rice after China, may increase production by five per cent this year after monsoon rains spurred planting, a gain that may help the nation ease its curbs on exportation.
Harvests of the crop, which relies on increased rains during the monsoon season, will exceed 84 million tons, said T Nanda Kumar, India's federal food secretary.
A bigger yield, as well as prompting India to ease the limits it has set on exportation, may also reduce global prices that have already dropped 33 per cent from a record high in April. Thailand and Vietnam, the world's biggest exporters of rice, have raised forecasts this year as farmers planted more in response to higher prices.
"We'll wait until October before we take any decision on relaxing exports," said Mr Kumar, who is responsible for food policy in the world's second-most populous country. "We need to see the actual crop size. Exports as food aid will continue."
Prime minister Manmohan Singh's government restricted exports of rice, wheat, corn and cooking oil to tame inflation that has climbed to a 16-year high. Mr Singh faces elections in less than a year. Higher food costs can mar poll prospects in a country where more than half the population survives on less than US$2 (Dh7.35) a day.
India banned rice exports in April to rein in prices after demand for the grain in government welfare programs had doubled in five years. China, Vietnam and Egypt also curbed sales to boost local supplies, threatening supplies of food and security in nations from the Philippines to Nigeria.
"The government should allow limited exports as there's no logic in keeping a blanket ban," said Vijay Setia, president of the All India Rice Exporters Association. "The crop is looking better, prices have fallen and stockpiles are comfortable. Everything is in favour for easing the ban."
Farmers in India planted rice on 28.2 million hectares as of Aug 18 compared with 25.6 million hectares a year earlier as precipitation during the monsoon season, which lasts from June to September and accounts for four-fifths of the country's rainfall, remained high for a second week.
The monsoon was 36 per cent above average in the week that ended Aug 13, according to the weather office. Rains were two per cent above average between June 1 and Aug 13, according to the agency.
The government plans to create a strategic reserve of two million tons from this year's rice crop as the South Asian country takes measures to safeguard supplies. It already has an emergency reserve of 3 million tons of wheat from this year's record harvest.
Rice prices climbed to a record $25.07 per 100 pounds at the commodities exchange in Chicago on April 24.
Escalating food prices also caused suffering for UAE residents. Commodity prices crept up after record high costs for rice and concerns about a potential slump in world wheat crops.
Small-and medium-sized supermarkets reported that supplies were squeezed for non-basmati rice following a decision by India to ban exports in March.
"We had to raise prices slightly because India stopped supplying us," said Khaled Zanul Abid, the general manager of Talal Supermarkets in Jebel Ali. The price of various items in his supermarket has increased by 50 to 55 per cent in recent months.
Worries about commodity prices continued to mount after Thai rice surged to a record $1,000 per ton on global markets in April, three times its level in January. Thailand is the world's top exporter of the grain, responsible for nearly a third of the global rice trade.
The Middle East is a significant market for Thai rice with the UAE, Saudi Arabia, Qatar, Yemen and Syria the leading importers of the grain. An estimated $503.7 million of Thai rice was exported to the Middle East in 2006, an increase of $214.9m from the previous year, according to official figures.
The UAE imports 80,000 tons of rice annually from countries including India, Pakistan, Thailand, Vietnam and the Philippines. While the UAE is not one of the major world importers of the grain, the high number of residents who eat rice as a staple makes the item a vital commodity.
* With Bloomberg
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Kyrgyzstan v Qatar, 5.45pm
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
If you go
- The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
- The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
- The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
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Investor: Opportunity Venture (Asia)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Company%20Profile
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The Case For Trump
By Victor Davis Hanson
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
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