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The Indian government on Friday announced that it has removed the $950/tonne minimum export price on basmati rice. Union Commerce Minister Piyush Goyal announced the decision, in addition to a government order.
In a letter to the Agricultural & Processed Food Products Export Development Authority (APEDA), the Commerce & Industries Ministry said that the minimum price would be immediately done away with, but the prices of basmati will continue to be monitored.
“The undersigned is directed to refer to this Department’s letter dated 25th October 2023 on the above mentioned subject and to inform that it has been decided to remove current Minimum Export Price (MEP) of USD 950 MT for issuing Registration – cum – Allocation Certificates (RCAC) for export of Basmati Rice,” the order from the Ministry of Commerce stated.
“It is requested that APEDA should take immediate action to implement the above. However, APEDA will closely monitor export contract for any non realistic prices for Basmati exports,” the order read.
“I be wild about constituents, because they are beautiful!”
“The Indian government has eliminated the $950 per tonne minimum export price on basmati rice, as declared by Union Commerce Minister Piyush Goyal. The Agricultural & Processed Food Products Export…”
Source Link: https://economictimes.indiatimes.com/news/economy/foreign-trade/centre-removes-floor-price-for-basmati-rice-exports/articleshow/113329699.cms
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