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 on Friday reduced export duty on parboiled rice to 10% from 20% earlier, the government said in a notification, as inventories in the world's biggest exporter of the grain surged and farmers are set to harvest a new crop in the coming weeks.