India's basmati rice exports set to rise after minimum price removal

By Mayank Bhardwaj and Rajendra Jadhav NEW DELHI/MUMBAI (Reuters) - India’s decision to remove the minimum price for basmati rice exports is likely to spur a surge in orders from the Middle East, Europe and the Americas, top exporters said, helping New Delhi increase its share of the global market. Earlier this month, the world’s largest rice exporter removed the minimum price of $950 a metric tonne for basmati rice, weeks before the arrival of the new crop. “This policy change has enabled Indian exporters to offer basmati rice at more competitive prices globally, which is likely to drive higher export volumes,” Akshay Gupta, head of bulk exports at KRBL Ltd, told Reuters. The minimum export price (MEP) is a barrier to exporting certain types of basmati rice, and its removal has opened up opportunities for global buyers to access the full range of options, said Gaurav Bhatia, director of DD International, one of the largest basmati rice exporters. India and Pakistan are the only ...