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In one day, the price of rice in the Naogaon market has dropped by Rs 100 per ounce. Farmers have suffered because mill owners (rice mill owners) have reduced their purchases of rice from local markets following reports of reduced import duties on rice.
However, it has been known from various rice mills in Naogaon that although the price of paddy rice has dropped, the rice is sold at the old price. Rice is also sold at the old price on the local retail market. However, traders believe that the price of imported rice may fall if it enters the domestic market.
Traders say there is a risk of uncontrolled imports as in 2016-17 due to reduced import duties on rice. If large quantities of rice are imported, the country’s rice market may decline abnormally. In this situation, the millers are thinking and buying rice. The millers have decided to reduce the purchase of paddy rice for fear that if imported rice enters the country market, the rice market could fall further and cause large losses in the future.
Food Minister Sadhan Chandra Majumder announced a reduction in rice import duties from 72.5% to 25% on Sunday at a press conference at the secretariat. Importers can request the ministry before January 10 to import rice at the new tariff rate.
