Business News | BIRC 2026 Generates Estimated Rs 50,000 Crore Business, Strong Global Buyer Interest: IREF President
Get latest articles and stories on Business at LatestLY. The Bharat International Rice Conference (BIRC) 2026 has generated business worth an estimated Rs 50,000 crore, with strong participation from international buyers and several major rice export contracts, according to Prem Garg, President of the Indian Rice Exporters Federation (IREF).
New Delhi [India], October 25 (ANI): The Bharat International Rice Conference (BIRC) 2026 has generated business worth an estimated Rs 50,000 crore, with strong participation from international buyers and several major rice export contracts, according to Prem Garg, President of the Indian Rice Exporters Federation (IREF).
Speaking to ANI on the sidelines of the conference, Garg said the business generated during the three-day event had exceeded expectations, although the final value of transactions was yet to be confirmed.
"I think more than 50,000 crore rupees business already done," Garg said, adding that the figure was an estimate as several participants had not disclosed the value of their transactions.
Highlighting the scale of deals being negotiated at the conference, Garg said one buyer had entered into a contract for around 100,000 tonnes of basmati rice.
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He said the deal involved a price of approximately USD 1,200 per tonne, including cost, insurance and freight, taking the estimated contract value to around USD 120 million.
Garg also highlighted growing interest in Indian rice from overseas markets, particularly Iraq, where demand for basmati rice remains significant.
He said improved shipping arrangements were helping exporters reduce logistics costs and strengthen their competitiveness in international markets.
Citing an example, Garg said a shipping initiative had reduced freight costs from around USD 300 per tonne through containers to approximately USD 100 per tonne using vessels, with shipments reaching Iraq's Umm Qasr port from India within seven days.
On domestic production, Garg dismissed concerns about a major decline in India's rice output.
"This crop size is not going to be small," he said, estimating production at around 149-150 million tonnes this year, compared with 154 million tonnes last year.
He also addressed the recent increase in international rice prices, attributing it partly to geopolitical disruptions and concerns over food security.
"Price is definitely high, why? Because of Hormuz, Red Sea," Garg said.
He added that concerns surrounding El Nino and possible supply disruptions had encouraged some importing countries to build additional stocks.
However, Garg expects prices to moderate as these concerns ease.
"Very soon you will see some corrections also," he said.
The IREF President maintained that there was no major global shortage of rice and that India would continue exporting substantial quantities to international markets.
The Bharat International Rice Conference 2026 was held from October 23 to 25 in New Delhi, bringing together Indian exporters, international buyers and other stakeholders in the global rice trade. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)