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India lifts export price cap on Basmati rice

HQ (synthesis) September 14, 2024 08:03

India on September 13 removed the minimum export price (MEP) of $950 per tonne for Basmati rice.

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Workers transport rice at a warehouse in Bangalore, India.

“(The Government of India) has decided to scrap the existing MEP of $950 tonnes for Basmati rice to issue Registration-cum-Allocation Certificate (RCAC) for export of the commodity,” the Ministry of Commerce and Industry of India said in a statement.

According to the notification, the Agricultural and Processed Food Products Export Development Authority (APEDA) has been asked to take immediate action to implement the decision and to closely monitor export contracts to prevent any unrealistic pricing for Basmati rice exports. APEDA is mandated to register all Basmati rice export contracts and thereafter issue registration-cum-allocation certificates for the export of the commodity.

Indian Commerce and Industry Minister Piyush Goyal stressed that the move would help boost exports and increase income for farmers in the South Asian country.

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India lifts export price cap on Basmati rice