To step up exports and in response to ongoing trade concerns and adequate domestic availability of rice, the government has decided to remove the floor price on export of basmati rice, a premier GI-tagged variety from India.
The Agricultural and Processed Food Products Export Development Authority (APEDA) will closely monitor export contracts to prevent any non-realistic pricing of basmati rice and ensure transparency in export practices.
In August 2023, a floor price of US$ 1,200 per metric tonne (MT) was set for basmati rice exports as a temporary measure. This decision was in response to a tight domestic supply and rising rice prices in the domestic market. It was also aimed at preventing the misclassification of non-basmati rice as basmati during exports, given that the export of non-basmati white rice is prohibited to meet domestic demand.
However, following representations from trade bodies and stakeholders, the government reduced the floor price to USD$ 950 per MT in October 2023.
Minister of agriculture and farmers welfare, Shivraj Singh Chouhan, announced on X that the government has also decided to raise the basic duty on refined oil to 32.5%. This move is expected to increase demand for mustard, sunflower, and groundnut crops, thereby boosting farmers’ incomes.
“The Modi government is committed to the development of farmers. It has decided to increase the basic duty on refined oil to 32.5%. This will boost demand for mustard, sunflower, and groundnut crops. Farmers will receive better prices for these crops, and with the growth of refineries in small and rural areas, employment opportunities will also rise,” Chouhan said in the post.
IndiFoodBev — authentic, impactful and influential
An English-language food and beverage processing and packaging industry B2B platform in print and web, IndiFoodBev is in its third year of publication. It is said that the Indian food and beverage industries represent approximately US$ 900 billion in revenues which implies more than 20% of the country’s GDP. Eliminating the wastage on the farmside can help to deliver more protein to a higher number of the population apart from generating sizable exports. The savings in soil, seeds, water, fertilizer, energy and ultimately food and nutrition could be the most immense contribution that country is poised to make to the moderation of climate change.
To improve your marketing and grow sales to the food and beverage processing and packaging industry, talk to us. Our research and consulting company IppStar [www.ippstar.org] can assess your potential and addressable markets in light of the competition. We can discuss marketing, communication, and sales strategies for market entry and growth.
Suppliers and service providers with a strategy and budget for targeted marketing can discuss using our hybrid print, web, video, and social media channels to create brand recognition linked to market relevance. Our technical writers are ready to meet you and your customers for content.
The second largest producer of fruit and vegetables in the world is continuously expanding processing capacities and delivery systems with appropriate innovative technologies. We cover product and consumer trends, nutrition, processing, research, equipment and packaging from farm to thali. Get our 2025 media kit and recalibrate your role in this dynamic market. Enhance your visibility and relevance to existing markets and turn potential customers into conversations. Ask for a sample copy of our bi-monthly in print or our weekly IndiFoodBev eZine each Wednesday.
For editorial info@ippgroup.in — for advertisement ads1@ippgroup.in and for subscriptions subscription@ippgroup.in
Naresh Khanna – 10 February 2025
Subscribe Now
