India Abolishes Minimum Export Price On Basmati Rice To Aid Farmers
On Friday, the Indian Government announced that the minimum export price (MEP) of USD 950 per tonne for basmati rice has been lifted. According to Piyush Goyal, Minister of Commerce and Industry, the goal of this move is to boost exports and increase farmer incomes. The current MEP of USD 950 per metric ton for the issuance of Registration-cum-Allocation Certificates (RCAC) for exports of basmati rice has been eliminated, according to a communication from the Department of Commerce.