Basmati rice exporters relieved as MEP on the slash: Punjab MP
Published on: October 25, 2023.
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Rewritten Article:
Centre Revises Minimum Export Price of Basmati Rice, MP Appreciates the Decision
Chandigarh Punjab MP Vikramjit Singh Sahney expressed his appreciation for the Centre’s decision to revise the minimum export price (MEP) of basmati rice from $1200 to $950 per tonne. This revision comes after the Punjab Rice Millers and Exporters Association raised the issue in a meeting with Chief Minister Bhagwant Mann. Sahney was entrusted with the responsibility of addressing this matter with the Central government.
Sahney conveyed to the Union Commerce Ministry that the initial decision was not rational and would adversely impact both growers and traders. He emphasized that this was not merely an issue for one crop season, but rather had wider economic implications for India.
In the international market for basmati exports, Pakistan serves as a strong competitor to India. Sahney noted that after India’s decision to set the MEP at $1200, Pakistan strategically aligned its MEP to $1050. Consequently, the international market would have imported all rice from Pakistan exclusively.
In a statement, Sahney expressed his gratitude to the Ministry of Commerce for considering the request of basmati traders and revising the MEP. This decision will help alleviate the concerns of basmati rice traders.
Panic was previously widespread among traders of basmati rice, as stated by Punjab Rice Millers and Exporters Association President Arvinder Singh. However, with the revised MEP, the situation is expected to improve.
Source: Bizz Buzz News
