Revised MEP for Basmati Rice Offers Exporters Relief, According to Vikramjit Singh Sahney
Published on: October 24, 2023.
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Punjab MP Appreciates Centre’s Decision to Revise Minimum Export Price of Basmati Rice
Chandigarh, Oct 24, 2023
In a positive development for the rice industry, Punjab MP Vikramjit Singh Sahney has praised the Centre’s decision to revise the minimum export price (MEP) of basmati rice. The MEP has been reduced from $1200 to $950 per tonne, a move that has been welcomed by Punjab Rice Millers and Exporters Association.
The issue was brought to light during an interaction between the association and Chief Minister Bhagwant Mann. Sahney was given the responsibility to address this concern with the Central government, and he did so by raising the matter with the Union Commerce Ministry.
Sahney emphasized that the initial decision to set the MEP at $1200 was not rational and would adversely affect both growers and traders. He pointed out that this decision would not only impact one cropping season, but would also have wider economic implications for India as a whole.
Highlighting the competition from Pakistan in the international basmati export market, Sahney highlighted that after India set the MEP at $1200, Pakistan strategically chose to set their MEP at $1050. This move would have meant that the international market would have preferred to import rice solely from Pakistan.
Expressing his gratitude towards the Ministry of Commerce, Sahney acknowledged their efforts in revising the MEP after considering the requests from basmati traders. This decision brings relief to the traders who were previously panicking about the market situation, and it is expected to boost exports.
Punjab Rice Millers and Exporters Association president Arvinder Singh echoed Sahney’s sentiments, stating that this decision has brought much-needed relief and will help to increase export opportunities.
Source: [Yes Punjab](https://yespunjab.com){target=”_blank” rel=”nofollow”}
