The government has decided to cut the minimum export price (MEP) for basmati, Finance Secretary Ashok Chawla said today.
He said the decision to reduce the export floor price of the premium long grain rice was taken at the meeting of empowered Group of Ministers on food security late on Monday.
A senior government official had on Monday said that the ministers' panel had decided to accede to the industry's demand and cut the minimum export price of basmati to $800 a tonne from $1,100 tonne.
He had said lowering the basmati MEP would enable export of only premium rice varieties, and not impact prices or availability of common and more widely consumed varieties of rice.
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