India removes minimum price for basmati rice exports

(By Rice Planet) As anticipated by Rice Planet, India removed the minimum price rule for basmati rice exports on Friday, in accordance with a central government order, to help exporters and farmers facing debt and higher costs to boost overseas sales of the premium, aromatic rice, just weeks before the arrival of the new season’s crop. Last year, New Delhi set the minimum export price (MEP) at $1,200 per metric tonne and later reduced it to $950 per tonne. As supplies have increased since then, exporters have urged the government to cut or remove the MEP to ensure farmers are not saddled with large stocks when the new crop arrives in a month. Rice Planet, citing international news agencies, anticipated in July that India would likely reduce the minimum price for basmati rice exports. “The decision will help India export basmati rice in large quantities, which will ensure good returns for farmers,” said Satish Goel, president of the All India Rice Exporters Association. Thousands ...