GG News Bureau
New Delhi, 14th Sept. In a step to enhance the export of India’s premium basmati rice, the Government of India has removed the floor price on its export. This decision comes in response to ongoing trade concerns and ample domestic rice availability.
Previously, a floor price of $1,200 per metric ton (MT) was implemented in August 2023 to address rising domestic rice prices and to prevent misclassification of non-basmati rice as basmati. This measure was also introduced to mitigate the impact of the export prohibition on Non-Basmati White rice. The floor price was later reduced to $950 per MT in October 2023 following industry feedback.
The Agricultural and Processed Food Products Export Development Authority (APEDA) will oversee export contracts to ensure transparency and prevent unrealistic pricing.
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