Delhi: Due to the increasing tension between India and Pakistan, the prices of Basmati rice have increased. Within the last 15 days, the prices of Basmati rice have increased by about 10 percent. However, before the tension between the two countries started, its rate was continuously falling. According to major exporters of Basmati, due to the increasing tension between India and Pakistan, buyers from West Asia have increased their purchases from India. The special thing is that after India, Pakistan is the largest exporter of Basmati rice in the world.
According to the report of The Economic Times, the impact is also being seen in the domestic market due to the tension. The wholesale price of the most consumed variety 1509 parboiled Basmati has increased from Rs 53 to Rs 59 per kg. At the same time, the price of steam Basmati rice used in making biryani has increased from Rs 62-63 to Rs 69 per kg. In retail, the Sella variety has reached Rs 75 per kg and the premium biryani variety has reached Rs 80 per kg.
Buyers shifted to Pakistan
In September last year, the Indian government had fixed a minimum export price to ensure local supply, due to which foreign buyers shifted to Pakistan. Although the government later removed this cap, by then buyers had placed orders from Pakistan. This led to an oversupply of Basmati rice in the country and prices started falling. Now, due to the fear of escalation of tension, foreign buyers are again buying Basmati from India.
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Price increased by this much in 15 days
Goutam Miglani, director of Haryana’s Basmati exporter LRNK, said that in the last 15 days, the prices of Basmati have increased by 8 to 10 percent. The ongoing tension between the two countries in the international market has created an atmosphere of fear. Buyers fear that the tension between India and Pakistan may disrupt supply, which may further increase prices. Due to this, buyers from the Middle East are increasingly importing from India.
These countries are buying Basmati rice
According to exporters, countries like Saudi Arabia, Iran and Yemen are buying large quantities of Basmati rice from India. At the same time, buyers from America are also active in the Indian market so that they can accumulate stock before the 90-day deadline of Trump tariff expires. Kolkata-based Ricevilla Group CEO Suraj Agarwal says that Iran has just issued a tender to buy 50,000 tonnes of Basmati rice, which has created a positive atmosphere in the trade.
