indian exporters: removal of floor price for basmati rice exports may attract global market
2024-09-25
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beijing, sept. 25 (xinhua) -- the indian government has recently cancelled the floor price for basmati rice exports, a move that is expected to bring in a large number of orders from the middle east, europe and americas, helping indian rice expand its global market share, several major indian rice exporters said.
basmati rice is produced in northern india and some areas of pakistan. the rice grains are long, transparent and have a light fragrance. unlike ordinary rice, basmati rice is not widely consumed in india and the government does not buy this rice as a national reserve grain.
farmers harvest rice in a rice field in assam, india, on november 11, 2022. xinhua news agency
india is one of the world's major rice exporters. weeks before the new crop hits the market, the indian ministry of commerce and industry on the 13th of this month announced the removal of the export floor price of $950 per tonne for basmati rice.
reuters reported on the 24th, citing akshay gupta, head of export business of indian rice exporter krbl, that the latest policy changes will enable indian rice exporters to supply basmati rice to the global market at more competitive prices, or further increase rice exports.
gaurav bhatia, head of dd international private ltd, another indian rice exporter, said setting a minimum export price was an obstacle to exports of certain grades of basmati rice, and abolishing the export floor price would give global buyers the opportunity to access a wider variety of products.
according to indian media reports, from april to july this year, india's basmati rice exports increased by 20% year-on-year to more than 1.9 million tons. gupta said that thanks to the favorable meteorological conditions of the "monsoon season", india's basmati rice production is expected to increase by 10% to 12% this year. (liu jiang)
source: xinhua news agency client
