India inks deals to export 500,000 metric tons of Basmati rice: Report
New Delhi: India has entered into agreements to export about 500,000 metric tons of newly harvested basmati rice, making the most of the strong demand from key markets in Europe and the Middle East, Reuters reported citing rice traders.
India exports over 4 million tons of basmati annually, a high-quality long-grain variety renowned for its fragrance, to countries such as Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates, and the United States.
The European market also represents a major destination for this rice.
In an effort to steady the domestic prices, India had suspended non-basmati white rice exports in June and subsequently marked a minimum export price (MEP) or floor price of $1,200 per ton for basmati in August.
However, this measure led to a decline in exports of the premium rice variety and left farmers burdened with surplus stocks of the new-season rice.
In order to address this, the government reduced the floor price for basmati exports to $950 per ton last month.
Following the adjustment to the floor price, which had initially caused a halt in trade after the August decision, there has been a resurgence in basmati rice transactions, the report said, citing the traders.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Centre clears 3% DA hike for govt staff, pensioners ahead of festive season
After backlash over ‘trophy stealing act’, Mohsin Naqvi hands Asia Cup to UAE board; BCCI seeks impeachment
Teen batter Vaibhav Suryavanshi slams record-breaking century in Australia
Priyanka Chopra looks stunning in traditionals during her visit to Kajol-Rani Mukerji's Durga Puja celebrations
