New Delhi October 24 2023: According to undisclosed government and industry insiders on Tuesday, there are expectations that India will reduce the minimum export price (MEP) it has established for basmati rice exports.
This move comes in response to complaints from farmers and exporters, who argue that the current MEP of $1,200 per metric ton is negatively impacting trade. These sources suggest that the government may consider lowering the floor price to $950 per metric ton, although this decision has not yet been officially announced.
