India's decision to remove the floor price for basmati rice exports is expected to result in a surge of orders from the Middle East, Europe, and the Americas, according to leading exporters, allowing the nation to increase its global market share.

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India’s Basmati Rice Export Policy

The world's largest rice exporter removed a $950 per metric ton export floor price for basmati rice earlier this month, just weeks before the new season crop arrived.

"This policy change has enabled Indian exporters to offer basmati rice at more competitive global prices, which is expected to drive higher export volumes," said Akshay Gupta, head of bulk exports at KRBL Ltd.

The minimum export price (MEP) was a barrier to exporting certain basmati rice grades, but its removal has allowed global buyers to access a wider range of options, according to Gaurav Bhatia, director at DD International, one of the top basmati rice exporters.

India and Pakistan are the only producers of premium-quality basmati rice, and Indian restrictions have allowed Pakistan to gain market share in some categories.

Basmati Rice Export Policy Change Impact

According to Dev Garg, director of ViExport, a New Delhi-based exporter, the removal of the MEP will allow India to reclaim its lost share.

Despite the MEP, India's basmati rice exports increased by 20% from a year ago to 1.9 million metric tons between April and July of this fiscal year.

The country exported a record 5.2 million tons of rice last fiscal year as Canada, Iraq, Oman, Saudi Arabia, and the United Kingdom increased purchases, offsetting Iran's lower purchases.

Basmati rice is not widely consumed in India, and the government does not purchase it to build state reserves, as it does with other varieties.

According to KRBL's Gupta, India's basmati rice production is expected to increase by 10-12% this year due to a favorable monsoon, which could help the nation increase exports even more.

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REFERENCE- The Economic Times

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