NEW DELHI, Sept 14 — India has removed the minimum price bar for basmati rice and onion exports, with the country’s trade minister hailing the decision as beneficial to...
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The US$950 per tonne minimum export price for basmati rice has been removed, the Commerce Ministry said on Friday. In another decision, the government lifted the MEP condition for onion exports and slashed the export duty from 40 to 20 per cent. India has tried to stabilise domestic onion supplies and prices for months. It imposed an onion export ban in December last year and then extended it until March. The ban was lifted in May but the government fixed the MEP at US$550 per tonne and imposed a 40 per cent export duty.
While export of basmati rice - a long-grain aromatic variety grown chiefly in India and Pakistan - was not banned, the Indian government fixed the floor price per tonne at US$1,200, which was later reduced to US$950 a tonne. The MEP was set following the discovery that some exporters were labelling cheaper non-basmati shipments as “basmati” but selling them at much lower prices than the basmati rate.
Basmati Rice Onions Exports Minimum Price
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