In 2024, India's basmati rice exports are expected to decline as Pakistan takes the lead in the international market with its competitive pricing and increased production. Pakistan's rice exports are projected to rise to 5 million tons in 2023-24, up from 3.7 million tons, driven by higher production and competitive pricing, especially as Iran, a key importer, reduced its purchases of Indian basmati by 36% in 2023. India's struggle to maintain its export competitiveness is exacerbated by the government's imposition of a minimum export price of $1,200 per ton, significantly higher than the previous $950, making it difficult for Indian exporters to compete with Pakistan's offerings.