IMF Urges India To Remove Rice Export Restrictions After Revising GDP Growth Forecast To 6.1%

The IMF has encouraged India to lift restriction on export of a particular quality of rice, claiming that the move could lead to global food inflation. India banned the export of non-basmati white rice on July 20 to boost domestic supply and keep retail prices under check during the upcoming festive season. The IMF's appeal on rice export ban comes after it pegged India's GDP growth for 2023 at 6.1%, a 0.2% increase from April. Watch for more details.