Government Lifts Minimum Export Price on Basmati Rice

The government has removed the minimum export price (MEP) of USD 950 per tonne on basmati rice, aiming to boost exports and farmers' income. Commerce Minister Piyush Goyal announced the decision, which will be implemented by the APEDA. The APEDA will monitor export contracts closely to avoid non-realistic pricing.

The government announced on Friday the removal of the minimum export price (MEP) of USD 950 per tonne on basmati rice.

Commerce and Industry Minister Piyush Goyal stated the decision aims to boost exports and enhance farmers' income. The Department of Commerce confirmed that the USD 950 MT minimum export price for issuing Registration-cum-Allocation Certificates (RCAC) for basmati rice exports has been lifted.

The Agricultural and Processed Food Products Export Development Authority (APEDA) will act immediately to implement the decision but will simultaneously monitor export contracts to check for non-realistic pricing of basmati rice. Previously, the government had reduced the floor price from USD 1,200 to USD 950 per tonne last October.

(With inputs from agencies.)