India: Ease in rice export restrictions lending support to domestic prices ahead of harvest

New Delhi [India], October 2 (ANI): Rice prices have shown signs of uptrend, after India removed restrictions on exports and opened new business avenue for exporters. According to traders, rice prices, both basmati and non-basmati white rice, are lower on a year-on-basis, but they anticipate prices to pick up in the days to come. Last year same time, basmati rice traded at Rs 3,500 per quintal, which is now at Rs 3,100-3,200, rising from about Rs 2,800-2,900 after the removal of trade barriers in late September. India is the leading exporter and grower of basmati rice, followed by neighbouring Pakistan. Rahul Chauhan, Director of IGrain India, a leading agri commodity research firm, said increase in prices may not be stable. “This year crop is good and production will be on higher side, so the increase in prices may not be stable,” he added. Akshay Gupta, Head, Bulk Exports, KRBL Limited, which sells basmati rice under ‘India Gate’ brand, echoed a similar sentiment and asserted ...