mep cuts on basmati rice provide relief for exporters, says Punjab MP
Published on: October 25, 2023.
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Rewritten Article:
Appreciation for Revised Minimum Export Price of Basmati Rice
In a recent development, the Centre has revised the minimum export price (MEP) of basmati rice from $1200 to $950 per tonnes. This decision has been applauded by various stakeholders, including Punjab MP Vikramjit Singh Sahney.
The Punjab Rice Millers and Exporters Association had raised concerns about the previous MEP and had discussed the matter with Chief Minister Bhagwant Mann. Vikramjit Singh Sahney was entrusted with the task of taking up the issue with the Central government.
Sahney, in his communication with the Union Commerce Ministry, emphasized that the previous decision was not rational and would negatively affect both growers and traders. He stressed that this issue had wider economic implications for India rather than being limited to a single cropping season.
Highlighting the competition from Pakistan in the international market for basmati exports, Sahney explained that after India’s decision of $1,200 MEP, Pakistan strategically set their MEP to $1,050. As a result, there was a risk of the international market importing all rice from Pakistan, thus posing a threat to India’s position.
Expressing his gratitude to the Ministry of Commerce, Sahney applauded their responsive action in considering the request of basmati traders and revising the MEP. This decision will have a positive impact on the industry.
Panic among traders of basmati rice had been prevailing due to the previous MEP. However, with the revision, the industry can now look forward to stability and growth.
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