India likely to buy rice from Vietnam

India may buy rice from Vietnam and Thailand as the country is expected to import nearly 2 million tonnes amid dropping output due to destructive monsoon.

The Indian Press Trust reported on November 4 the Indian government may also give incentives for rice imports within a year.

According to the news agency, a ministerial panel, headed by India ’s Finance Minister Pranab Mukherjee, will decide upon the various proposals to import rice.

India has suffered its worst monsoon for four decades and this has decreased the output of rice sown in summertime, which has raised the prospects of higher food prices and a further dependence on imports to satisfy domestic demands.

To help cover a projected fall of about 15 million tonnes in this crop, last month the Indian federal government allowed rice to be imported tax-free and asked three state-owned firms to import 30,000 tonnes of rice by mid-December.

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