India Gate Sets New Record: Expanding Horizons in Basmati Rice Exports

India Gate's parent company achieves a record paddy procurement target following the removal of a minimum export price on Basmati rice exports. The surge in demand and strategic moves into new markets like non-basmati rice and edible oils shape their business landscape amidst global challenges.

The parent company behind the iconic 'India Gate' Basmati rice brand is setting a new benchmark by targeting a record paddy procurement volume this season. This strategic move comes in the wake of the Indian government's decision to remove the floor price on Basmati rice exports, which was implemented earlier this year in September.

India, the world's foremost producer and exporter of Basmati rice, consumes approximately 105 to 110 million tonnes of rice annually, with Basmati making up about 4 million tonnes of this figure. Meanwhile, the country exports around 5 million tonnes of Basmati rice, valued at approximately Rs 40,000-50,000 crore.

The removal of the Minimum Export Price (MEP) is anticipated to benefit Indian rice farmers by facilitating better export options and potentially higher profits, countering the advantage previously held by Pakistani exporters. 'We are anticipating higher export volumes compared to last year,' commented Kunal Gupta, Head of the Dhuri Plant, underlining the company's optimistic outlook.

(With inputs from agencies.)