India has removed most of the export curbs it imposed on rice shipments in 2023 with immediate effect, as above-average monsoon rains are expected to boost crop yields amid overflowing stocks in state granaries.

India loosened restrictions on some rice exports, a move that may ease global prices and signal a shift in domestic agricultural policies following the recent national elections.

India accounted for more than 40 per cent of the world's rice exports in 2022, a record 22.2 million metric tons out of a total of 55.4 million. India's exports were bigger than the combined shipments of the world's next four biggest exporters: Thailand, Vietnam, Pakistan and the United States.

India gave the go-ahead on Saturday for exports of non-basmati white rice to resume as inventories in the world's biggest exporter of the grain surge and farmers prepare to harvest a new crop in the coming weeks.

Government officials and industry stakeholders are hopeful prices of rice in the world market would begin to soften after India lifted its export ban on non-Basmati rice, leading to more favorable rice import prices for the Philippines.