India gets its first basmati billionaire family. The promoter family of KRBL reaps gains from high demand for basmati in India and overseas. The company had a stock of 300,000 tonnes of rice as of September 30.
India's Basmati export is bound to get a boost with the launch of an improvised version of the Pusa Basmati-1 variety.
Nearly six months after New Delhi and Beijing signed a protocol to facilitate the export of Indian basmati rice to China, rice exporters are here in an upbeat mood.
Rising prices have hit export of Basmati rice this year
The old farming practices will have to be changed to save the basmati export business.
Basmati exports may dip due to the increased competition posed by Pakistan.
The Centre on Friday said it will sell 'Bharat Rice' in the retail market at Rs 29 per kg from next week to give relief to the common man and has also directed traders to disclose rice/paddy stock, as part of its efforts to control prices that have risen by around 15 per cent in the last one year. In a press conference, Union Food Secretary Sanjeev Chopra exuded confidence that these two measures along with the various restrictions of exports will help in cooling down the prices. Seeking to dispel market rumours, he categorically said the government has no plans to lift restrictions on rice exports any time soon.
Imposing yet another restriction, the European Union has demanded mandatory certification from Indian authorities for every imported Basmati consignment as belonging to specific strains of traditional varieties to be eligible for customs duty concess
The government's decision to impose a 20 per cent export duty on parboiled rice and a $1,200 per tonne minimum export price (MEP) on basmati rice has pulled down overseas shipments of the former by almost 83 per cent and around 30 per cent of basmati exports in a month. Data sourced from various trade agencies and shippers showed that between August 25 and September 20, export of basmati rice has shrunk from 342,605 tonnes in 2022 to around 241,083 tonnes in 2023. Similarly, export of parboiled rice, after the imposition of 20 per cent duty during the same period, has dropped from 1.16 million tonnes in 2022 to just around 204,190 tonnes in 2023.
It has a prized aroma, impeccabits pedigree and an awesome global reputation. None of this has helped Basmati to get the special label it deserves.
India will submit a DNA protocol for basmati rice to the European Union soon, aimed at preventing fraudulent exports of the variety to the latter.
Taking yet another measure to check inflation through improving domestic supplies, the government today stopped export incentives on basmati rice. "Export of basmati rice shall not be entitled for DEPB (Duty Entitlement Pass Book) benefits," the Directorate General of Foreign Trade said in a notice. Government has already banned export of non-basmati rice & revised upward the minimum export price for basmati rice. Inflation for the week ended March 22 has touched the 7% mark.
After 'mutton biriyani', 26/11 Mumbai terror attack accused Ajmal Kasab now wants 'basmati' rice served to him in jail.
The escalation of conflict in the West Asian region is expected to push already high logistics costs besides hurting trade in sectors such as oil, electronics and agriculture, according to exporters. They said that insurance costs for exports to the countries directly involved in the war could also go up, which will impact Indian exporters' working capital. Think tank Global Trade Research Initiative (GTRI) stated that the conflict is already hurting India's trade with countries like Israel, Jordan, and Lebanon.
He also said that his country would continue to talk about the Kashmir issue "through channels that are acceptable" and prayed that "the issue is amicably resolved".
India's share in the world market for basmati rice is about 53 per cent, said the government on Friday.
Pakistan is planning to take legal action against the Indian government for illegally announcing Super Basmati rice as an Indian product.
Basmati exports have run into trouble on quality grounds with consignments described as 'filthy' being detained in the United States.
Lower crop and high prices have hit basmati rice exports but some buying is likely in the near term as traders expect prices to soften.
The industry expects Iran to purchase at least 1 million tonnes this financial year
The ongoing tussle between Indian and Pakistan over patenting of super Basmati rice will, in no way, will not hamper India's export potential, said Veetee Fine Foods Ltd CEO Aayushman Gupta in Kolkata.
The range of food at banquets at the Mughal court consisted of delicacies that commoners could not ever dream of.
India's exports to Iran have been falling over the last one year, amid decline in rupee reserves of the West Asian economy. Going ahead, the possibility of augmenting exports to Iran may not be easy for India, considering the geopolitical tensions - Russia-Ukraine and Israel-Hamas conflicts - and the West Asian country's support for Russia and Hamas, people aware of the matter said. Exports to Iran saw a downward spiral since November last year.
Rice exporters have requested the Centre for a flat export duty of $80 per tonne for parboiled rice instead of the current 20 per cent duty to smoothen trade, a top official of the rice exporters' umbrella body said on Sunday. The Indian Rice Exporters Federation (IREF) has also requested the government to reconsider its export ban on white rice which was imposed in July and reduction in the minimum export price for basmati rice to $850 per tonne to prevent negative impacts on both export volumes and farmers. On Friday, the government had extended the 20 per cent duty on parboiled rice exports until March 24.
Admitting to irregularities in the export of non-basmati rice to some African countries during UPA-I tenure, the government on Friday said it has referred the matter to the CVC after slapping show-cause notices on officials of PSUs, involved in the transactions.
World's costliest rice, Indian basmati, may lose the tariff concession it gets in the European Union if the region's latest draft on new rice import regime is made into a law
The European Union has agreed 'in principle' to have a common DNA protocol for basmati, giving a shot in the arm to Indian exporters.
The Punjab government has chalked out plans to promote contract farming of basmati and other long grain varieties of paddy, over 26,000 acres of land in 12 districts of the state.
Pulaus can gussy up a meal, especially when you are having guests over.
India has asked Pakistan to expedite the process of filing joint applications for the registration of Geographical Indication of Basmati rice.
This Muri Ghonto recipe has its origins in former East Bengal, present-day Bangladesh.
A popular Chinese green like bok choy does very well in soup too.
An intriguing pulau that could be a great lunch fixture
These decisions were announced by food and agriculture minister Sharad Pawar in the Rajya Sabha on Friday, a day after Prime Minister Manmohan Singh and his cabinet colleagues were briefed on the monsoon situation and Kharif sowing. Allaying fears of shortage of foodgrain, Pawar said, "Stock position is quite comfortable. We have sufficient stock position for 13 months in our kitty".
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