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Basmati exports may decline

Basmati exports are likely to be hit as importing countries have increased taxes and the government has failed to provide support at home, trade executives said.

"Basmati exports till September have dropped by approximately 20 per cent to 2.2 million tonnes (mt) compared to the previous year," a senior official of the All India Rice Exporters’ Association said.

According to the official, exporters want the government to restore an interest subvention scheme discontinued in March 2014. "There are also demands to enhance it from the earlier 3 per cent to 5 per cent."

India exported 10.5 mt of rice in FY14, thus maintaining its top position in the global market for the staple grain. Of this, more than 4 million tonnes comprised Basmati, with Iran being the biggest buyer.

"Iran has increased import duty from 10 per cent to 45 per cent and Pakistan is offering competitive prices in the global market," he said, adding that there are very few orders coming in and urgent support is needed from the government.

A sizeable chunk of Basmati is exported.

Source : Exim News Service - NEW DELHI, Nov. 4

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