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.
Basmati Put Under Minimum Export Price menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
The Indian government has set a minimum export price of $1,200 per tonne on basmati rice shipments and imposed a 20% duty on non-basmati parboiled rice exports in an effort to control domestic prices ahead of key state elections. The measures come after heavy rainfall and poor crop prospects have affected rice production. These actions effectively curb exports of non-basmati rice varieties, which make up 80% of India s total rice shipments. The government aims to delay shipments and assess expected Kharif rice production by 15 October.