Sri Lanka is set to import 70,000 metric tons of Swarna Nadu rice from India as part of an effort to address the severe shortage of Nadu rice in the local market, which has caused prices to soar above Rs. 240 per kilo. The wholesale price of Swarna Nadu rice in India is currently around Rs. 25 (approximately Rs. 85 in Sri Lankan currency), but when accounting for shipping and handling costs, the price per kilo at Colombo Port could rise to around Rs. 100.
The government’s decision to bring in this bulk rice comes as part of an initiative to stabilize the local rice market and bring down prices. Rice importers are confident that this will help lower the escalating prices, which have been significantly higher due to the local shortage. According to some small rice mill owners, once imported rice reaches the market, it could be sold for around Rs. 135 per kilo, which would be a substantial reduction from the current local prices.
The tender process for selecting suppliers to import the rice has already begun, with Lak Sathosa handling the distribution through both its outlets and major supermarkets and wholesale stores. Importers have 7 days to submit their applications. The government aims to release the rice to the market before the festive season, ensuring that it reaches consumers in time for the holidays.
This import of Swarna Nadu rice from India is seen as a key step in alleviating the ongoing rice crisis in Sri Lanka, which has been exacerbated by the rising costs of local rice varieties. The government hopes this will ease the pressure on both consumers and rice mill owners, helping to stabilize the market and provide relief during the festive period.
