{"id":9455,"date":"2023-10-24T20:59:27","date_gmt":"2023-10-24T20:59:27","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=9455"},"modified":"2023-10-24T20:59:35","modified_gmt":"2023-10-24T20:59:35","slug":"india-may-cut-floor-price-for-basmati-rice-exports-report","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/india-may-cut-floor-price-for-basmati-rice-exports-report\/","title":{"rendered":"India may cut floor price for basmati rice exports: Report"},"content":{"rendered":"\n<p>India, the world\u2019s biggest rice exporter, has also curbed exports of non-basmati rice varieties<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-140-1024x683.png\" alt=\"\" class=\"wp-image-9456\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-140-1024x683.png 1024w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-140-600x400.png 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-140-300x200.png 300w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-140-768x512.png 768w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/10\/image-140.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>India imposed a $1,200 per ton floor price on basmati rice shipments in August. Image: AFP<\/p>\n\n\n\n<p>India is reportedly planning to cut the floor price \u2013 or minimum export price (MEP) \u2013 it has set for&nbsp;basmati rice&nbsp;exports, following complaints from farmers and exporters that it was damaging trade.<\/p>\n\n\n\n<p>The government is likely to bring down the floor price for basmati rice to $950 per metric ton from $1,200 a metric ton, Reuters reported, citing unnamed government and industry sources.<\/p>\n\n\n\n<p>India imposed a $1,200 per ton floor price on basmati rice shipments in August, apparently to keep a lid on local prices ahead of key State elections.<\/p>\n\n\n\n<p>The floor price was expected to be cut with the arrival of the new season harvests, but the government said on October 14 it would maintain it until further notice, angering farmers and exporters who said the new crop had led to a drop in domestic prices.<\/p>\n\n\n\n<p>Authorities later said they were actively reviewing the floor price.<\/p>\n\n\n\n<p>India and Pakistan are the only growers of basmati rice. New Delhi exports more than 4 million metric tons of basmati \u2013 the premium long-grain variety famed for its aroma \u2013 to countries such as the UAE, Saudi Arabia, Iran, Iraq, Yemen, and the US.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Basmati rice MEP cut eases farmer and exporter woes<\/h4>\n\n\n\n<p>\u201cThe decision to lower the MEP would help both farmers and exporters who suffered on account of the $1,200 MEP,\u201d the Reuters\u00a0report\u00a0said, quoting Prem Garg, president of the Indian Rice Exporters Federation.<\/p>\n\n\n\n<p>The floor price hit the trade so severely that exporters stopped buying the rice from farmers, he said.<\/p>\n\n\n\n<p>The decision would help resume trade in basmati rice, said Vijay Setia, a leading exporter from the northern State of Haryana.<\/p>\n\n\n\n<p>India, the world\u2019s biggest rice exporter, has also\u00a0curbed exports of non-basmati rice varieties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India, the world\u2019s biggest rice exporter, has also curbed exports of non-basmati rice varieties India imposed a $1,200 per ton floor price on basmati rice shipments in August. Image: AFP India is reportedly planning to cut the floor price \u2013 or minimum export price (MEP) \u2013 it has set for&nbsp;basmati rice&nbsp;exports, following complaints from farmers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[215,46,167,160,159],"class_list":["post-9455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-basmati-rice","tag-asian-rice","tag-indian-rice","tag-rice-export","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>India may cut floor price for basmati rice exports: Report - 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 may cut floor price for basmati rice exports: Report - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"India, the world\u2019s biggest rice exporter, has also curbed exports of non-basmati rice varieties India imposed a $1,200 per ton floor price on basmati rice shipments in August. 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