The government may also give incentives for such imports to be spread over one year, said the report, which was published in Business Standard newspaper.
A ministerial panel, headed by Finance Minister Pranab Mukherjee, would make a decision on various proposals for rice imports on November 12, it said.
The worst monsoon in 37 years has shrunk the summer-sown rice output, raising prospects of higher food prices and further dependence on imports for the main food crop.
To help cover a fall of about 15 million tonnes in the summer-sown rice crop, the federal government last month allowed tax-free imports. As well, three state-owned firms have been asked to import 30,000 tonnes of rice by mid-December.
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