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18 Billion-Dollar Rice Question: Why US And Canada Are Targeting India At The WTO

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18 Billion-Dollar Rice Question: Why US And Canada Are Targeting India At The WTO


India Rice Export: The debate around India’s rice trade intensified this week after representatives from the United States and Canada raised objections at the World Trade Organisation (WTO). Their complaint centred on the worry that India’s growing presence in the global rice market may end up unsettling countries that rely on stable prices and dependable supplies.

People in the knowhow of the discussions said both delegations voiced the view that New Delhi’s plan to expand exports in the coming seasons might trigger tremors across international markets, especially for smaller economies that have little cushion when price trends change.

Union Minister Prahlad Joshi acknowledged the concerns but added that India’s intention remains unchanged. The government, he said, wants farmers to earn a fair return while the country continues to meet global demand in a balanced manner.

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New Delhi has earlier indicated that it plans to double exports over the next few years, a projection that carries weight considering India already accounts for almost 40 percent of the world’s rice trade.

During its submission to the WTO, Canada alleged that India had been encouraging farmers to raise output through financial support and yearly increases in the minimum support price for paddy. It argued that such policies maximise production and create a surplus that eventually flows into international markets. The statement warned that this expansion could distort trade patterns and place other exporting countries under pressure, gradually altering price behaviour across the region.

The numbers behind India’s basmati shipments illustrate why the conversation has gathered momentum. In 2019-20, Basmati rice exports were valued at 4.33 billion dollars, before settling at over 4 billion dollars the following year.

The figure stood at 3.54 billion dollars in both 2021-22 and 2022-23, but it surged dramatically to 5.83 billion dollars in 2023-24 and inched further to 5.94 billion dollars in 2024-25.

These swings reveal how strongly global buyers continue to rely on India for premium aromatic rice, despite periodic turbulence in trade policies.

The non-Basmati segment has travelled an equally eventful path. In 2019-20, India exported rice worth 2.01 billion dollars in this category. The number rose steeply to 4.8 billion dollars in 2020-21 and then crossed 6.12 billion dollars in 2021-22. It climbed slightly to 6.35 billion dollars in 2022-23 before easing to 4.57 billion dollars in 2023-24.

By 2024-25, it had surged again to 6.52 billion dollars. These figures explain why competing exporters are watching every move taken by New Delhi. Even a modest change in India’s export policy can shift expectations for importers, traders and retailers in dozens of countries.

With the matter now gaining traction at the WTO, trade diplomats expect several more rounds of submissions and counter-submissions. India is preparing a detailed response that will outline its position and the rationale behind its support policies.

For now, both sides appear to be settling in for prolonged discussions, because few commodities reveal the global balance of power as clearly as rice, the grain that feeds more people on this planet than any other.



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Markets Closed For BMC Elections, Zerodha CEO Nithin Kamath Calls It ‘Poor Planning’

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Markets Closed For BMC Elections, Zerodha CEO Nithin Kamath Calls It ‘Poor Planning’


New Delhi: Indian stock markets are shut today, January 15, after the Maharashtra government declared a public holiday for municipal elections in Mumbai and several other parts of the state. While the move aims to ensure smooth voting, it has sparked a debate in the financial world with Zerodha CEO Nithin Kamath strongly criticising the closure of both the NSE and BSE, calling it a case of “poor planning.”

Kamath Flags Global Impact of Local Market Holiday

In a post on X, Nithin Kamath pointed out that Indian stock exchanges are deeply connected with global markets, yet were closed today due to local municipal elections. Quoting Charlie Munger, he wrote, “Show me the incentive, and I will show you the outcome.” Kamath said the holiday continues because no one who matters has any incentive to oppose a market shutdown, adding that such decisions underline how far India still needs to go to earn the confidence of global investors.

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Holiday Added at the Last Minute

The trading holiday on January 15 was not part of the stock exchanges’ original 2026 trading calendar and was added only earlier this week. Both the BSE and NSE later issued separate circulars confirming that trading would remain suspended today due to municipal corporation elections in Maharashtra.

All Key Market Segments Shut, Trading to Resume Tomorrow

Trading remained suspended across equities, equity derivatives, securities lending and borrowing, as well as currency and interest rate derivatives for the day. The commodity derivatives segment was closed during the morning session, but was scheduled to reopen for evening trading. Normal trading on both the NSE and BSE is set to resume on Friday, January 16.





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Ofwat investigation opened into Kent and Sussex water issues

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Ofwat investigation opened into Kent and Sussex water issues


Getty Images A man in an orange high vis coat next to creates of bottled water.Getty Images

South East Water is set to operate bottled water stations again on Thursday

Regulator Ofwat has opened an investigation into South East Water (SEW) after repeated loss of water supplies across Kent and Sussex.

The investigation will consider whether the company has complied with its licence condition to provide high standards of customer service and support.

Ofwat said it was the first investigation it had launched into customer-focused licence conditions.

SEW said: “The company will always fully co-operate with any investigation by our regulators and provide any information required.”

As of Wednesday night, 10,000 properties continued to have no water supply.

Lynn Parker, Ofwat’s senior director for enforcement, said: “The last six weeks have been miserable for businesses and households across Kent and Sussex with repeated supply problems.

“We know that this has had a huge impact on all parts of daily life and hurt businesses, particularly in the run up to the festive period.

“That is why we need to investigate and to determine whether the company has breached its licence condition.”

Watch: Starmer quizzed at PMQs over South East Water disruptions

The investigation was started after the prime minister said the situation, which affected 30,000 customers at its height, was “clearly totally unacceptable” and asked Ofwat to review the company’s licence.

SEW said some customers might not see supplies return until Friday after issues first began on Saturday in the wake of Storm Goretti and a power cut at a pumping station.

The company said it would be using 26 tankers to pump water directly into its network while working “around the clock” to fix leaks and bursts.

Ofwat already has an open investigation into SEW’s supply resilience to determine whether it has failed to develop and maintain an efficient water supply system.

As of 17:30 GMT on Wednesday, SEW said it had implemented a new recovery plan for Tunbridge Wells that involved keeping local booster pumps switched off for a further 36 hours.

The aim was that customers would wake up to a consistent supply by Friday morning.

SEW said its local drinking water storage tanks had not refilled at the speed required, so it had to extend the “outage” to allow it to recover fully.



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Goldman Sachs is about to report fourth-quarter earnings — here’s what the Street expects

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Goldman Sachs is about to report fourth-quarter earnings — here’s what the Street expects


Goldman Sachs CEO David Solomon speaks during an interview at the Economic Club of Washington in Washington, D.C., U.S., Oct. 30, 2025.

Kevin Lamarque | Reuters

Goldman Sachs is scheduled to report fourth-quarter earnings before the opening bell Thursday.

Here’s what Wall Street expects:

  • Earnings: $11.67 per share, according to LSEG
  • Revenue: $13.79 billion, according to LSEG
  • Trading revenue: Fixed income of $2.93 billion, equities of $3.70 billion, per StreetAccount
  • Investing banking fees: $2.58 billion, per StreetAccount

Goldman Sachs is set up to be a beneficiary of several trends in the fourth quarter.

Trading desks across Wall Street have benefited in the last year as President Donald Trump’s policies have roiled markets for bonds, currencies, commodities and stocks.

For instance, rival JPMorgan Chase topped expectations for fourth-quarter results on equities and fixed income trading revenue that exceeded the StreetAccount estimate by a combined $460 million.

Global investment banking revenue in the quarter was 12% higher than a year ago, according to Dealogic, which should provide a boost to Goldman’s advisory business.  

The firm’s asset and wealth management division should also see gains as stock market levels remained buoyant in the quarter.

Finally, the bank said last week that its deal to offload its Apple Card business to JPMorgan would result in a 46-cents-per-share boost to quarterly results.

This story is developing. Please check back for updates.



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