Rice export ban won't lower inflation or meaningfully improve food security

The last time India blocked grain exports, in 2007 and 2008, the decision precipitated a years-long food-security crisis

A few months ago, when India restricted wheat exports following a heatwave, rumbles ran through the world’s food markets. Still, while India is a giant consumer of wheat, it’s not as big an exporter. The real fear was that New Delhi might cut off rice shipments as well: India is the world’s largest exporter by far.
 

Fortunately, rice prices in India hit a five-year low around then, depressed by ample global supply and a weak rupee. Things are very different today. First, Indian rice crops have been struck by a mystery “stunting” disease caused by a virus first observed in