India's Basmati Rice Export Policy Hurts Farmers and Overseas Sales
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India's decision to maintain floor price for basmati rice exports is hurting overseas sales and farm income.
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India is the top exporter of premium basmati rice, shipping over 4 million tons annually.
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Farmers and exporters expected India to lower the minimum export price, but it was kept at $1200/ton.
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Basmati paddy prices have fallen over 20% since the floor price was imposed, with farmers struggling to sell crops.
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The high floor price is empowering rival exporter Pakistan to gain greater control of the global basmati rice market.