In a significant step to boost export of basmati rice, a premier GI variety rice of India, the government has removed the floor price on export of basmati rice, a move that will ensure good returns to farmers. The Agricultural and Processed Food Products Export Development Authority (APEDA) will closely monitor export contracts to prevent any non-realistic pricing of basmati rice and ensure transparency in export practices.
After discussions with the trade bodies and stakeholders, the government had then rationalised the floor price to $950 per MT in October 2023, amid concerns that higher prices were hurting outward shipments. As per industry experts, there is a big overseas market for basmati varieties that are priced around $700 a tonne. The country’s total exports of basmati rice stood at $5.9 billion in 2023-24.
Presentation- Dibyabharati Nayak
