New Delhi: The International Monetary Fund (IMF) has recently urged India to remove its restrictions on the export of non-Basmati white rice in order to address concerns over rising global inflation. The ban on non-Basmati white rice exports was implemented by the Indian government on July 20 as a measure to boost domestic supply and stabilize retail prices.

According to Pierre-Olivier Gourinchas, the IMF's Chief Economist and Director of the Research Department, such export restrictions have the potential to exacerbate food price volatility worldwide and may even trigger retaliatory measures from other countries, leading to harmful global consequences. During a press conference following the release of the World Economic Outlook, Gourinchas highlighted the importance of lifting these restrictions to avoid negative impacts on the global economy.

Despite the export ban, the IMF remains optimistic about India's economic performance. The organization has projected India's gross domestic product (GDP) growth rate to reach 6.1 percent this year, surpassing the regional average of 5.3 percent. While the growth is expected to moderate slightly after a strong performance in 2022, there is an upward revision of 0.2 percentage points for 2023. This positive outlook is attributed to robust government and private investments, which are expected to create a knock-on effect and contribute to a strong ending for 2024.

In conclusion, the IMF's call for India to lift its ban on non-Basmati white rice exports comes as a measure to mitigate global inflation concerns and foster stable economic growth not only in India but also worldwide. The move is aimed at ensuring adequate food supply, reducing food price volatility, and avoiding potential negative repercussions on the global economy.