Page 2 - Basmati Rice

Agriculture exports likely to reach $53 bn in FY24: Commerce ministry

India's agriculture exports this fiscal are expected to reach the last year's level of USD 53 billion despite restrictions imposed on shipments of certain key commodities, including rice, wheat and sugar, according to a senior government official. In 2022-23, the country's agri exports stood at USD 53 billion. "We expect that we would reach that level in spite of USD 4.5 billion-USD 5 billion impact due to the restrictions," Additional Secretary in the commerce ministry Rajesh Agrawal told reporters here on Thursday. The government has prohibited exports of wheat and non-basmati white rice and has imposed curbs on sugar exports. He said the government is promoting exports of new products like bananas and value-added millet products to new global destinations. "In the next three years, we are hoping to increase banana exports to USD 1 billion," he said. Exports of fruits and vegetables, cereals, meat, dairy and poultry products registered a healthy growth rate during ...

Brisk export orders stoke new season basmati rice prices in India

This month, Reuters reported that India signed contracts to export about 500,000 metric tonnes of new season basmati rice, indicating brisk overseas sales of the premium aromatic variety

India signs deals to export 500,000 tons of new season basmati rice

After imposing a ban on non-basmati white rice exports in Jun to stabilize domestic prices, India set a floor price, or minimum export price (MEP), of $1,200 a ton for overseas sales of basmati in Aug

Indian rice exporter KRBL posts 28% profit drop in Q2 on weak demand

Consolidated net profit at the 'India Gate' basmati rice maker fell to 1.53 billion rupees ($18.37 million) for the quarter, from 2.13 billion rupees a year ago.

Farmers breathe sigh of relief as basmati prices increase

In India basmati production is estimated to be around 8-9 million tonnes of which more than half is exported annually

Govt reduces floor price of basmati rice exports to $950 per tonne

On August 27, the government banned exports of basmati rice below $1,200 per tonne to restrict possible "illegal" shipment of white non-basmati rice in the garb of premium basmati rice

Commerce ministry reduces floor price of basmati exports to $950 per tonne

The government has reduced the floor price for basmati rice exports to USD 950 per tonne from USD 1,200 per tonne amid concerns that higher prices were hurting outward shipments. In a communication to export promotion body APEDA, the Union Commerce Ministry has said "it has been decided to revise the price limit for registration of contract for export of basmati rice from USD 1,200 per tonne to USD 950 per tonne." The government on August 27 decided not to allow exports of basmati rice below USD 1,200 per tonne to restrict possible "illegal" shipment of white non-basmati rice in the garb of premium basmati rice. Recently, the food ministry had said the government is considering the industry's demand to reduce the floor price.

Centre likely to bring down floor price for basmati rice exports to $950 MT

India imposed a $1,200 per tonne MEP on basmati rice shipments in August to keep a lid on local prices ahead of key state elections

India allows export of over 1 mn tonnes of non-basmati rice to 7 countries

The government on Wednesday said it has permitted exports of 10,34,800 tonnes of non-basmati white rice to seven countries, including Nepal, Cameroon and Malaysia. The export is permitted through National Cooperative Exports Limited (NCEL), the Directorate General of Foreign Trade (DGFT) said in a notification. Though exports of non-basmati white rice were banned on July 20 to boost domestic supply, exports are allowed on the basis of permission granted by the government to certain countries to meet their food security needs and on request. "Export of non-basmati white rice... to Nepal, Cameroon, Cote D' Ivore, Guinea, Malaysia, Philippines, and Seychelles is notified," it said. The quantity notified for Nepal is 95,000 tonnes, Cameroon (1,90,000 tonnes), Cote D' Ivore (1,42,000 tonnes), Guinea (1,42,000 tonnes), Malaysia (1,70,000 tonnes), Philippines (2,95,000 tonnes), and Seychelles (800 tonnes).

Basmati rice growers face losses as current floor price dents exports

India, the world's biggest rice exporter, has also curbed exports of non basmati rice varieties in an attempt to keep a lid on domestic prices ahead of key state elections

Basmati rice minimum export price review still under consideration: Centre

Some traders said FOB export price of Indian basmati near the MEP, while others oppose

Huge demand for Indian chicken, basmati rice in Middle East: UAE industry

Seeking Indian government support for imports, the UAE food industry said that huge demand is there in the Middle East countries for chicken, dairy, basmati rice, frozen marine goods and wheat products from New Delhi. The UAE industry has sought the support of the Indian government in smooth certification processes, more coordination with Agricultural & Processed Food Products Export Development Authority (APEDA), and harmonisation of standards. They also said that high quality packaging of Indian products would help boost New Delhi players to increase exports of food and food products in countries like Bahrain, Kuwait, the Sultanate of Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). Commerce and Industry Minister Piyush Goyal, who was in the UAE, last week held detailed discussions with these importers and discussed ways to increase exports from India. "There is huge scope for India to export frozen products in these countries," Global Food Industries LLC Head of ...

20% export duty woes: Parboiled rice exports fall over 80% in a month

Duty woes: Basmati rice exports down 30% from Aug 25 to Sep 20

Centre to cut floor price for basmati rice exports in coming days: Report

India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to help millers and traders ship out the rice grade, said the report

Centre likely to lower basmati MEP, tightens stock limits on tur and urad

Food Min Piyush Goyal is believed to have held a high-level meeting with exporters and others to understand the ground situation, though there has been no official confirmation of any such meeting

'LT Foods targets up to 10% revenue from convenience segment in next 5 yrs'

LT Foods Ltd, which owns basmati rice brands -- Daawat and Royal, is looking at 'Convenience & Health' segment as a "growth enabler' for the company, as it targets up to 8 to 10 per cent revenue from this category in the next five years, its MD & CEO Ashwani Kumar Arora said. The company is leveraging existing brands and distribution strength for its ready-to-cook and ready-to-eat products in the Convenience & Health segment, a category where consumption has increased in Indian homes, particularly after the pandemic. "The goal is to take 8-10 per cent of the total revenue from the third vertical (Convenience & Health). Our target is the next five years," Arora told PTI. The Delhi-based company entered this segment around four years ago with the brand extension of Dawat in the US market and has subsequently extended it in the Indian market. "We have achieved an impressive 3-year Compound Annual Growth Rate (CAGR) of 30 per cent, resulting in this segment contributing ...

Pilot project of residue-free basmati being undertaken: Punjab Minister

The Punjab government has undertaken a pilot project under which residue-free basmati crop has been cultivated in Chogawan block in Amritsar district, state agriculture minister Gurmeet Singh Khudian said on Sunday. Residue-free practice entails minimal or no usage of chemicals. The initiative is aimed at promoting organic farming in the state as desired by Chief Minister Bhagwant Singh Mann, said the minister. The Chogawan block is popular for growing quality basmati rice. "Basmati rice has a great export potential as most of the grains produced in the region are being exported to the European and Middle-Eastern countries," said Khudian, while adding that presently, basmati rice is exported to more than 60 countries. Amritsar district alone contributed rice exports of around Rs 9,000 crore last year, he added. To increase the export potential of basmati rice from Punjab, Khudian stated that the state agriculture department has also launched an awareness campaign to sensitise far

Punjab CM demands rollback of restrictions on basmati rice exports

Punjab Chief Minister Bhagwant Mann on Friday said that the restrictions on exports of basmati rice imposed by the Union government is against the interests of the farmers and demanded its immediate rollback. Addressing a gathering during "Kisan Mela" organised here at the Punjab Agricultural University, the chief minister lamented that "this illogical decision will do considerable damage to the economic situation of the farmers as well as the traders". The Union government has fixed Minimum Export Price of basmati at USD 1,200 per tonne "which adversely hit the domestic price of the crop". Mann, according to an official statement, said that the Union government must remove all these restrictions to safeguard the interests of the farmers from the state. The chief minister said that the hard working and resilient farmers of the state are already at a crossroads due to the ever escalating cost of the farm inputs and "low MSP". He said that the state produces maximum basmati rice in

Top headlines: Modi-Biden bilateral meet ahead of G20, Adani's JV, and more

Business Standard brings you the top headlines at this hour

Basmati rice and humble makhana on global platter for G20 chiefs' spouses

The exhibition will also feature displays on various climate-resistant crop varieties crucial for food and nutritional security