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Trade Trends News
26-10-2023
The Indian government plans to reduce the minimum export price (MEP) of basmati rice from $1,200 to $950 per ton. The move comes after rice exporters expressed concern that the current MEP is higher than the average export price, making it difficult for them to do business. The reduction in MEP is expected to increase the demand for Indian fragrant rice and increase the income of farmers.In 2022-23, India produced 6 million tons of Indian fragrant rice as against 1,355 million tons of non-Indian fragrant rice.
The government plans to reduce the minimum export price (MEP) of Indian aromatic rice to $950 per tonne from the current benchmark price of $1,200 per tonne. The Centre is likely to issue a notification to the authorities concerned this week, sources said.
Rice exporters are opposed to the present MEP, which was notified on August 25 and continued on October 14 till further orders. The exporters had sought a revision on the grounds that the MEP set by the government was about $150 per tonne higher than the average export price. They had said that at the current rate, they would not be able to do business.
Last week, the government issued a statement that it was actively considering the exporters' demand after they announced that they would stop buying Indian aromatic rice from Mandis. This has also raised major concerns among farmers in Punjab and Haryana.
The reduction in MEP will attract more people to buy Indian Fragrant Rice and will also help increase the income of farmers.
In 2022-23, India produced 6 million tons of Indian Fragrant Rice and the total non-Indian Fragrant Rice production in the country was 1,355 million tons.
After banning non-Indian fragrant rice exports, the Centre imposed MEP of $1,200 per tonne on Indian fragrant rice exports on August 25 to ensure that traders cannot export non-Indian fragrant rice in the name of Indian fragrant rice.
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