New Delhi:- India has announced its decision to uphold the floor price for basmati rice exports, extending the period indefinitely, as part of its continued efforts to control the outbound flow of this valuable grain. The move comes in response to a government order issued today, reflecting India's status as the world's leading rice exporter.

In an attempt to stabilize local prices in anticipation of crucial state elections, India initially imposed a minimum export price (MEP) of $1,200 per tonne on basmati rice shipments back in August. This move, designed to curb excessive exportation, was supposed to be effective until Sunday. However, the government has now decided to maintain the MEP until further notice, thereby ensuring stability in the basmati rice market.

In a broader effort to regulate the export of rice varieties, the Indian government had previously taken steps to curb the outflow of non-basmati white rice in July. On Friday, they further strengthened their position by imposing a 20% duty on the export of parboiled rice.

The maintenance of the MEP serves a dual purpose, not only stabilizing basmati rice prices but also preventing the misrepresentation of non-basmati rice as its premium counterpart in international markets. This action demonstrates India's commitment to maintaining the integrity of its rice exports, protecting the reputation of its high-quality basmati rice, and ensuring that the international market receives an accurate representation of its diverse rice offerings.

As India continues to navigate the challenges associated with global grain trade and internal political dynamics, the decision to extend the MEP reflects a proactive approach aimed at safeguarding both its domestic economy and its pivotal role in the global rice market.

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