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Basmati rice minimum export price to be scrapped in 1-2 days - source
This story was originally published at 20:19 IST on 13 September 2024
Register to read our real-time news.Informist, Friday, Sep 13, 2024
By J. Navya Sruthi
MUMBAI – The government is likely to scrap the minimum export price for basmati rice and a notification in this regard is likely within the next two days, an industry official said. Currently, basmati rice attracts a minimum export price of $950 per tn.
Attempts to get confirmation on the matter from an official at the Department of Consumer Affairs did not illicit any response.
Such a move would come just before arrivals from the kharif harvest hit the markets, Devendra Vora, a wholesale broker at Mumbai's Vashi mandi, told Informist. He attributed the move to safeguarding the interests of farmers amid the upcoming elections in Haryana.
In August, prices of basmati rice fell by 1,000 rupees to 7,000-7,300 rupees per 100 kg amid prospects of a good crop in the current season and higher carry-forward stocks, traders said. Prices at Vashi mandi were last quoted at 7,000-7,300 rupees per 100 kg, Vora said.
In 2023-24 (Jul-Jun), India produced 8 mln tn of basmati rice, up 23% from the previous year, according to media reports. Of the 8 mln tn, 5.25 mln tn was exported and 500,000 tn was consumed domestically. The remaining 2.25 mln tn of basmati rice was carried over, reports showed.
India exported 3.62 mln tn of basmati rice in Jan-Jul, a record high for the period, surpassing the previous record of 3.29 mln tn set in the first seven months of 2020, according to data analysed by Informist. Exports of the aromatic rice in Jan-Jul rose 21.7% on year due to firm demand from Iraq, Yemen, the United Arab Emirates, and the US. In the corresponding period last year, the country exported 2.97 mln tn of basmati rice. End
US$1 = 83.89 rupees
Edited by Avishek Dutta
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