Why NRIs are stocking up on rice after India's export ban

Over the last few days, videos have emerged on social media of NRIs queuing up in US and Canadian stores to stock up on rice. Reports also say NRIs are taking bags of rice back with them from India. So, just what's going on with rice and Indians abroad?Hello and welcome to a Times Special presentation. India's decision to ban export of non-basmati white rice has led to all kinds of panic across the world. In this podcast, we give you a quick rundown of what is happening. Why did India ban exports of non-basmati white rice?India's decision to ban export of non-basmati white rice came on July 20, and it was driven by domestic compulsions. Heavy late monsoon rains have damaged crops, which has driven up rice prices across India. The ban on the export is to keep inflation in check. But, India happens to be the largest exporter of rice in the world. In fact, India's share of the world's rice exports stands at a whopping 40%. So, naturally, the ripples of India's decision to ban non-basmati rice exports have been felt across the globe. Reports from Canada and the United States spoke of panic buying among NRIs, especially among the Telugu community. One video on Twitter, apparently from Dallas, Texas, showed Indians stocking up bags of rice almost in a frenzy at supermarkets and stores.A resident of Atltanta in the US state of Georgia confirmed to Times Special that there was a sign up at her local store that said one bag of rice would be allowed per customer. Strangely, the panic buying among the Indian diaspora includes bags of basmati rice, the export of which has not been banned. What the IMF says about India's rice export banIndia's rice export ban has led to fears of crises far graver than the Indian diaspora not getting their favourite variety of rice. It has also sparked fears of adding to inflation worldwide.On Tuesday, July 25, International Monetary Fund chief economist Pierre-Olivier Gourinchas articulated those fears at a news conference. He said India's export ban could worsen food price inflation, and would have a similar effect of the suspension of the Ukraine Black Sea grain export deal. As a result, he said, global grain prices could rise 10-15% this year.When India banned the export of non-basmati white rice, the government justified its action. The ministry statement said: "In order to ensure adequate availability of non-basmati white rice in the Indian market and to the rise in prices in the domestic market, the government of India has amended the export policy." The statement also pointed out that the retail price of rice has increased by 11.5% over 12 months.Some facts about India's rice exportsAnd here are some facts about India's rice exports. Last year, the country exported 55.4 million metric tons of rice. Also last year, India exported 17.86 million tons of non-basmati rice, of which 10.3 million tons were non-basmati white rice. Anchor: Surjan SinghArtist: Sanyam SharmaAudio production: Prateek Kapoor