Trade sources revealed that Commerce Minister Piyush Goyal held a virtual meeting with basmati exporters, during which industry representatives emphasized the need to lower the MEP to $850 per tonne.
Addressing the gathering during ‘Kisan Mela’ organised at the Punjab Agricultural University, the CM said, “This decision will do considerable damage to the economic situation of the farmers as well as the traders.”
In a regulatory filing, the company asserted that the price limit does not have any "impact on the exports for LT Foods Ltd as the company mostly export premium and aged rice in our own trusted brands i.e. DAAWAT and Royal, the export price of which is mostly over and above the said minimum export price limit."