Why is India's basmati rice export declining? Will movie box office earnings cross the pre-pandemic level this year? Could banks shine in Q4 earnings season? What is fracking? Find all answers here
India's basmati rice export has been witnessing a decline. It plunged to its lowest in the last four years in 2021. Is Indian basmati losing its shine, or is it a temporary phase?
Why is India's basmati rice export declining? Will movie box office earnings cross the pre-pandemic level this year? Could banks shine in Q4 earnings season? What is fracking? Find all answers here
What has brought about this fall and could there be a way to resurrect this vital farm export from India?
The country's basmati rice exports in 2021 fell 20% from a year ago to 4 million tonnes, the lowest since 2017, according to government data
The issue is sensitive for the MP chief minister, especially in the light of the coming bypolls in the state's farming zone
Rice is among the biggest agriculture exports from India along with buffalo meat and cotton
Shortage of labour with expertise to plant paddy has prompted the state to encourage farmers to grow less labour-intensive crops
The negative market dynamics are resulting in a downward basmati price trend on the bourses
India, the world's top rice exporter, exports about 3 lakh tonnes of basmati rice to the EU.
Basmati exports to Saudi Arabia have declined to below 20 per cent in the financial year 2018-19 from over 26 per cent 2014-15.
Trigger provided by Centre's assurance ob sufficiency of funds in special rupee-denominated bilateral barter account
Exporters pin hope on new government, seek clarity on import-export with Iran
In the near term, any reduction in demand for basmati rice from India will depress prices across the chain, even for those sellers who are not exposed to the markets in question
ICAR has released 189 varieties of basmati rice in last six month
The forecast of a good monsoon and projected rise in basmati paddy sowing is likely to mean more earnings for its exporters in the current season, though the volume of shipments is not expected to change.Of all paddy production, basmati accounts for about 6.6 million tonnes (mt); last year's sowing was on 1.6 mn hectares. This year's monsoon forecast and farmers' better realisation last year is projected to result in more sowing. That translates to a lower purchase price for processors and exporters. The volume of export is not expected to go up, due to difficult economic conditions in the key markets of the Gulf and European Union.In 2016-17, basmati export was about four mt, with almost 80 per cent to the Gulf countries, Iran and Iraq. "Our projection is that export would remain at last year's level; new markets have not been explored," says Gurnam Arora, joint managing director, Kohinoor Foods, which send out 150,000 tonnes a year.The domestic basmati market is also expanding and ..
However, this as a temporary delay, considering Iran's insufficient domestic rice production
An Apeda official forecast India's basmati exports would rise 5 per cent by volume in 2016-17
Basmati exports dropped 20.4% in value terms to $585 mn (Rs 3,901 cr) in April-May this year, against $735 mn (Rs 4,651 cr) in the corresponding period last year