Basmati exporters jittery, turmeric also hit over rising US-Iran tensions

Indian exporters have outstanding basmati payments to the tune of Rs 800 crore on Iran

The repercussions of escalating tensions after the United States (US) executed a top Iranian commander could have a bearing on India’s exports of basmati rice, which has made exporters of the commodity a worried lot.
 
To be sure, basmati exports to Iran, which stood at 33 per cent or about $1.56 billion in 2018-19, had already weathered uncertainty following the US’s sanctions against Iran last year. Recent developments have only added to this. Till October, exports were $570 million, which accounted for 26% of exports.
 
According to industry sources, there are pending payments from Iran of Rs 800