Traders of basmati rice are concerned that the enforcement of a minimum export price (MEP) of $1,200/tonne by the Indian government will lead to a decline in sales overseas. The All-India Rice Exporters’ Association (AIREA) has stated that this MEP will act as a deterrent to exports. More than 80% of basmati rice exported was […]
MEP can lead to drastic fall in exports, suppress basmati prices, says AIREA
India’s decision to impose a 20% duty on exports of parboiled rice has led buyers and sellers to delay shipments to avoid paying the tax. This could lead to depleted inventories and higher local prices in importing countries such as Benin, Ghana, Cote d’Ivoire, and Liberia. Indian exporters have also raised their prices to a […]
India-Russia trade could touch $100-125 billion over next three years, says Russian industrialist
3 years ago
Oleg Deripaska, the founder of Rusal, one of the world’s largest aluminum firms, predicts that India will become one of Russia’s top three trading partners in the coming years. He expects that India-Russia trade, which has already increased significantly in the past 1.5 years, will reach $100-125 billion over the next three years. Deripaska also […]
Vikash Agarwal, managing director, South Asia, for global shipping and logistics firm Maersk says he is hopeful of a stable market in the second half of the current calendar year
LT Foods says no impact on company’s basmati exports from price limit of USD 1,200/tonne
3 years ago
In a regulatory filing, the company asserted that the price limit does not have any “impact on the exports for LT Foods Ltd as the company mostly export premium and aged rice in our own trusted brands i.e. DAAWAT and Royal, the export price of which is mostly over and above the said minimum export […]
Exporters and government officials in India are divided on the correct market price of food grains and onions, on which customs duty is calculated. The lack of a proper system to calculate the tax has led to under-invoicing by some traders to avoid customs duty and the illegal shipment of banned commodities. In response, the […]
Over the past few days, India imposed a minimum price on shipments of basmati rice and put an export tax on the parboiled variety. The government of Prime Minister Narendra Modi has stepped up measures to tackle rising food prices ahead of an election early next year.
The official said although there are 6-7 MMLPs proposed across the country to improve logistics infrastructure, none of them is in the port area. This makes the Kolkata project more attractive, as it is just 2km from the dock, the official said.
India’s thriving economy has also attracted $46 billion in FDI during FY2023, registering a remarkable growth of 89% since FY2014. This warrants scrutiny of the jurisdictions contributing to this inflow. Notably, Singapore emerged as the leading source of FDI to India, contributing 37% ($17.2 billion) of the basket. The small island nation of Mauritius had […]
The commerce and industry ministry said on Sunday that it directed trade promotion body Agricultural and Processed Food Products Export Development Authority (Apeda) not to register contracts below $1,200 per tonne. Existing contracts below $1,200 per tonne have been kept in abeyance.