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

Published 2024년 10월 2일

Tridge summary

India has seen a uptrend in rice prices, particularly basmati and non-basmati white rice, following the country's decision to remove export restrictions and open up the market for exporters. This comes as India is the world's leading grower and exporter of basmati rice. However, market experts warn that price increases may not be stable due to a bountiful crop this year. The removal of minimum export price (MEP) for basmati rice is seen as a timely move to boost basmati rice exports. The Indian rice industry anticipates stable growth in the rice market, with demand expected to be firm this season.

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Original content

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 ...

Source: Theprint