In 2022, Indian basmati rice was termed the best across the globe, presenting a huge market growth opportunity, says Mayank Garg, Director of Aroma AAT Basmati Rice, in this State of the Economy podcast.

By Subramani Ra MancombuAmitha Rajkumar

In this State of the Economy podcast, the spotlight is on the basmati rice industry, a crucial segment of India’s agricultural exports. Mayank Garg, Director of Aroma AAT Basmati Rice, talks to businessline’s Subramani Ra Mancombu, about the current state and future prospects of basmati rice production and export. 

The episode begins with a look at the performance of the basmati rice crop in the current year. Garg expresses optimism about the crop’s health and production levels, noting an increase compared to the previous year. However, he also addresses a key concern: the significant drop in basmati rice prices. While prices have decreased notably from last year, he views this as an opportunity for exporters, as lower prices could lead to a surge in international demand and export volumes. 

The conversation also delves into the importance of securing exclusive marketing rights, or Geographical Indication (GI) tags, for basmati rice in key international markets like the European Union and the United States. Garg stresses that the Indian government should be more proactive in this area to protect the authenticity of basmati rice and prevent misuse of its name by other countries. 

Looking ahead, Garg identifies significant growth opportunities for basmati rice in markets such as the USA, Europe, Russia, and even emerging markets like Japan and Vietnam. He emphasises the potential for Indian exporters to increase their market share by introducing the unique taste and quality of basmati rice to new consumers. 

Published Date: August 15, 2024