{"id":8434,"date":"2023-09-27T18:05:19","date_gmt":"2023-09-27T18:05:19","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=8434"},"modified":"2023-09-27T18:06:30","modified_gmt":"2023-09-27T18:06:30","slug":"india-to-take-another-major-decision-for-basmati-rice-export","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/india-to-take-another-major-decision-for-basmati-rice-export\/","title":{"rendered":"India to take another major decision for basmati rice export"},"content":{"rendered":"\n

India will cut the floor price for basmati rice exports in the coming days, sources familiar with the matter said, after millers and traders complained about a sharp drop in overseas sales of the premium aromatic grain.<\/strong><\/p>\n\n\n\n

India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to help millers and traders ship out the rice grade, said the sources, who didn\u2019t wish to be identified as they are not authorised to talk to media.<\/p>\n\n\n\n

Last month, India fixed the floor price, or the minimum export price (MEP), for basmati rice shipments at $1,200 a metric ton.<\/p>\n\n\n\n

Authorities said the MEP was imposed to help New Delhi ensure that non-basmati rice was not exported as basmati rice.<\/p>\n\n\n\n

In July, India surprised buyers by imposing a ban on the export of widely consumed non-basmati white rice, following a ban on broken rice exports last year.<\/p>\n\n\n\n

\u201cThe decision to lower the basmati MEP would help farmers who were losing money on account of falling exports,\u201d said Prem Garg, president of the Indian Rice Exporters Federation.<\/p>\n\n\n\n

\u201cThe move will also help India retain its pre-eminent position in the global basmati rice market.\u201d<\/p>\n\n\n\n

Since basmati rice is not widely consumed in India, and the new season crop will start arriving in the market from next month, India would have faced a glut of the superior grade, Garg said.<\/p>\n\n\n\n

\u201cA large stockpile would have hammered prices and hurt farmers and India\u2019s rice sector, so the move to lower the MEP will be quite helpful,\u201d he said.<\/p>\n\n\n\n

India and Pakistan exclusively grow premium, aromatic basmati rice. India ships out around 4 million tons of basmati rice to countries such as Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates and the United States.<\/p>\n\n\n\n

\u201cThe MEP of $1,200 a ton was too steep, and that\u2019s why most millers and traders were not able to export basmati rice,\u201d said Vijay Setia, a leading exporter from the northern state of Haryana, one of India\u2019s breadbasket states.<\/p>\n","protected":false},"excerpt":{"rendered":"

India will cut the floor price for basmati rice exports in the coming days, sources familiar with the matter said, after millers and traders complained about a sharp drop in overseas sales of the premium aromatic grain. India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to […]<\/p>\n","protected":false},"author":1,"featured_media":8278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[215,167,160,159],"class_list":["post-8434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-basmati-rice","tag-indian-rice","tag-rice-export","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"\nIndia to take another major decision for basmati rice export - Rice News Today<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India to take another major decision for basmati rice export - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"India will cut the floor price for basmati rice exports in the coming days, sources familiar with the matter said, after millers and traders complained about a sharp drop in overseas sales of the premium aromatic grain. 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