India News | Govt Cuts Floor Price of Basmati Exports to USD 950 Per Tonne
Get latest articles and stories on India at LatestLY. The government has reduced the floor price for basmati rice exports to USD 950 per tonne from USD 1,200 per tonne amid concerns that higher prices were hurting outward shipments.
New Delhi, Oct 26 (PTI) The government has reduced the floor price for basmati rice exports to USD 950 per tonne from USD 1,200 per tonne amid concerns that higher prices were hurting outward shipments.
In a communication to export promotion body APEDA, the Union Commerce Ministry has said "it has been decided to revise the price limit for registration of contract for export of basmati rice from USD 1,200 per tonne to USD 950 per tonne."
Also Read | ECB Leaves Interest Rate Unchanged as Markets Falter.
The government on August 27 decided not to allow exports of basmati rice below USD 1,200 per tonne to restrict possible "illegal" shipment of white non-basmati rice in the garb of premium basmati rice.
Recently, the food ministry had said the government is considering the industry's demand to reduce the floor price.
Also Read | Delhi: 565 Kg of Firecrackers Seized From in Babarpur, One Arrested Amid Pollution.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)