Rice Industry Outlook
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Rice production in India stood at 116.4 MT in FY19 as compared to 112.9 MT in FY18 (~3% y-o-y growth), contributing 39% to the overall food grain output of 284.9 in FY191. The country also has the largest area under the rice cultivation, with 437.9 Lakh hectare of land as on FY18. Haryana is India’s top basmati rice exporting state, with a CAGR of three per cent during 2016-19, shipping $2.4 billion in FY19. Gujarat was second in FY19, with $1.1 billion and a CAGR of 47 per cent during 2016-19. Other major contributors are Delhi, West Bengal and Andhra. Iran was the leading importing country for Basmati rice from India followed by Saudi and UAE. Nepal, Yemen, Senegal and Bangladesh are other major destinations for Indian rice but have showed a dip in shipment this financial year2. India is also in discussion with Brazil for rice export enhancement as Brazil is a big consumer of food grain, including rice and wheat.