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Date: 19/09/2024

Govt removes minimum export price cap on onion, basmati rice

The government has scrapped a minimum price threshold that it had set previously for exports of onion as it looked to pass on the benefit of the international glut to Indian farmers. A recent DGFT notification removed the MEP with immediate effect, a move that is expected to promote exports of the commodity. Additionally, the government also announced removal of the MEP on the exports of basmati rice. In a post on X (formerly Twitter), Commerce Minister Mr Piyush Goyal hailed the latest decision and said the increased export of high-quality rice would boost farmers’ earnings. Last year, the government had set the minimum export price (MEP) of $1,200 per tonne on exports of basmati rice, which was later reduced to $950 per tonne, as per a report.

Source: Exim News Service: New Delhi, Sept. 18