India Gate Sets Record Paddy Procurement Amid Basmati Export Boom

KRBL Ltd, the parent company of 'India Gate' basmati rice, targets record paddy procurement following the government's removal of export floor prices. The decision boosts prospects for higher exports and profits, positioning India as a leading player in the global basmati rice market alongside Pakistan.

KRBL Ltd, the parent company of the 'India Gate' basmati rice brand, has ambitious plans this season, targeting record procurement of paddy. This decision comes as the Indian government removed the minimum export price for basmati rice, offering new opportunities for rice exporters.

India, a leading global player in basmati rice alongside Pakistan, consumes about 105-110 million tonnes of rice annually, including 4 million tonnes of basmati, while exporting approximately 5 million tonnes valued at USD 40,000-50,000 crore. By removing the export floor price, the government aims to boost profits for domestic rice producers.

Addressing reporters at the Dhuri facility in Punjab, Kunal Gupta, Head of Paddy Procurement and Production, emphasized the promising export prospects for this year, anticipating a significant increase from last year. Alongside basmati, KRBL is diversifying into other rice varieties and products like spices and oils.

(With inputs from agencies.)