India to Cut Floor Price for Basmati Exports to Stay Competitive
- Minimum export price for basmati could be reduced to $850/ton
- Likely move is aimed at competing with nations like Pakistan
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India, the world’s biggest rice exporter, is considering to cut the floor price for basmati shipments to make the premium variety attractive in the world market, according to people familiar with the matter.
The nation, which has curbed overseas sales of all grades of rice to control domestic food inflation, will reduce the minimum export price to $850 a ton from $1,200, said the people who asked not to be identified as the discussions are confidential. A decision on the issue will be taken soon, they said.