India evaluates minimum export price for basmati rice
Published on: October 16, 2023.
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Indian Government Actively Reconsidering Basmati Rice Export Price Floor
According to an official statement issued last Sunday, the Indian government is actively reassessing the established floor price of basmati rice exports. This move follows the continuation of an initiative to regulate overseas shipments.
The world’s largest rice suppliers, New Delhi reiterated on Saturday its decision to uphold a minimum export price (MEP) of $1,200 per ton for exported basmati rice. This policy action was established in August as a measure to stabilize local rice prices.
This choice has triggered worry amongst the rice exporters, who dread the potential for a dramatic decrease in shipments due to the government’s decision.
The government’s Sunday announcement highlighted the general decrease in pakistani rice prices corresponding with the new rice crop’s arrival. The statement included the insights from a meeting between the minister for consumer affairs and the rice exporters from Pakistan, who claimed the floor price was negatively impacting their export ability.
In conjunction with the insights and discussions from the meeting, the Indian Government is now actively considering a review of the floor price, the statement confirmed.
The primary objective for the MEP is to guarantee that non-basmati rice is not falsely exported as basmati rice.
India had, earlier in July, proscribed exports of non-basmati white rice and subsequently imposed a 20% duty on exports of parboiled rice.
Article credit goes to Mayank Bhardwaj and Rajendra Jadhav, with editing assistance from Giles Elgood.
This article aligns with the standards set by The Thomson Reuters Trust Principles.
