Defining the News
“The immutable law of supply and demand tells us that when supply is low, and demand is high, prices will increase”Our previous economic managers convinced Congress that rice tariffication instead of quantitative import restrictions was the way to go.
The WTO which we joined in 1995 also frowned on quantitative restrictions. We were thrice granted extensions by the WTO, the last till 2017. But 2020 was the height of COVID-19 and the lockdowns, so we must treat the comparison with some grains of salt. In 2021, rice imports rose to 2.9 million tons. NFA calculated the per person consumption of rice at 132 kilos per year, thus requiring national consumption at 12.5 million tons with 94.6 million population then.
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