Commodities like rice are exported and imported in extremely high quantities with rice harvesting taking place in India in the month of June/July. After the harvesting, storage practices of rice grains are a very important step. If the storage needs are not attended carefully it can damage the complete produce. Rice sometimes is stored up to 1-2 years before the next time it is restocked.
India has emerged as a leading rice exporter in the international market. Every year the Government of India has taken initiatives on changes in Food Security Policy according to the market demand.
Recently the Government of India has introduced a new policy that the National Food Security Act which requires 33.6 million tons of rice per year for its public distribution system.
Brown Rice is whole grain rice from which only the husk is removed. The rice has less processed than white rice and a huge demand from the global market due to its nutritional composition.
Although rice is a simple grain, its nutrition is enormously popular among healthy people around the world.
IR 64 Rice has high-yield-variety and also cost-effective in the international market.
Development of IR 64 Rice by IRRI
- The International Rice Research Institute had developed IR 8 rice in the global market. The rice had also very high-grain yield but also several defects were found. Mostly, the quality of the grain was poor, unable to diseases and pests resistance capacity, and also late maturation of the plant.
- In early 1980, the research institute again developed a variety which was resistance to pests and diseases and it achieved its high yield in just of only 111 days. The variety is very popular in the market as IR 36 which has provided better quality as compared with IR 8. The new variety was so popular that it was spread rapidly and estimated to be planted on 10 million hectares during 1980.
- The much-improved variety of IR 36 over IR 8 was still lacked the quality of the best varieties in the competitive market. Then, in the year 1985, the best variety was released in the market of the Philippines which was known as IR 64 Rice.
- IR 64 replaced almost all the varieties of IR 36 and spread rapidly in the new areas of different countries due to its best qualities.
Popular Qualities of the Rice
The qualities with improved varieties of IR 64 Rice were found in the market are as follows:
The rice research institute from India has invented a new variety of rice to the Indian market. The rice is known as “Muktoshri” or IET 21845. The special characteristic of rice is that it has cultivated in the arsenic prone area. The rice has a property that it is totally arsenic-resistance rice. The rice has a long and thin grain with aromatic nature.
The rising demand from the African countries have boosted the Indian Rice market growth at the highest level in the current month of February’2020 while Thailand and Vietnam’s rice market struggle with the new Coronavirus outbreak.
Rice contributes over two percent of the overall exports from India. The particular industrial sector had declared a CAGR of 14 percent (compounded annual growth rate) between the Financial Year 2010 and 2019. Presently, it has been observed that a sharp decline in the rice market price in the current Financial Year. Detailed analysis of the market growth trends are given below:
The increasing demand from the buyers of Africa has increased India’s rice export prices in the world market. The market demand for rice production has increased due to drought in Thailand. Thailand squeezes the supply of rice. Therefore, the Indian market will be anticipated to grow a further jump rate in the coming months.
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