production slated to increase by at least 10 lakh tonne.
According to industry estimates, export of Basmati rice this fiscal is
likely to touch 20 lakh tonne against 16-17 lakh tonne last fiscal.
Export of Basmati rice from India has been growing at a rate of 50-60%,
according to estimates.
Meanwhile, a larger production of 1121 variety of Pusa Basmati is likely
to bring down procurement price of rice as well.
"Last year, farmers had a good price for 1121 Pusa and they went all out
to sow the variety," said Gurnam Arora, joint managing director of
Kohinoor Foods Ltd.
P roduction of Basmati rice in the country is likely to go up to 50 lakh
tonne this year from 40 lakh tonne last year, pulling down procurement
price of the crop. "We expect a major drop in the procurement price of
1121 Pusa Basmati rice," he said. Procurement price of 1121 is likely to
come down to Rs 20 per kg from Rs 40 last year.
Faced with competition from the Super variety of rice from Pakistan,
Indian Basmati prices in the international market have also come down.
The prices of Pusa 1121 this year is between $1,100 and $1,300 per
tonne. Super variety of Basmati, which tastes similar to Pusa (a lower
variety) from India, has a price of $1000 per tonne.
"Export issues with Iran have been solved and this year we expect to
export almost 10 lakh tonne of basmati rice to the country," Arora said.
Last year, India exported 8 lakh tonne of Basmati rice to the country
after which Iran suddenly put restrictions on Indian exports on alleged
presence of heavy metals in the Indian crop.
There are about 300 rice mills in the country exporting basmati rice to
Iran through certified rice exporters.
Earlier, Iran used to buy rice from Thailand and Pakistan before
shifting to the Indian crop a few years ago after 1121 was introduced in
the country. Apart from Iran, Basmati rice is exported to countries like
Kuwait and Saudi Arabia.
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