Indian Government To Hike Basmati MEP

The Empowered Group of Ministers (EGoM) meeting on prices is likely give its nod to hiking the minimum export price (MEP) of basmati by $200 PMT to the earlier level of $1100 PMT.

It is estimated that at current high market prices paid by basmati traders to farmers at home, the export price of the Pusa 1121 (evolved basmati) variety exceeds $1200 PMT while that of traditional basmati exceeds $1500 PMT.

Compared to a price of Rs 19,000 PMT paid by traders to farmers on this December 21 for the Pusa 1121 this year, the price of the variety was Rs 26,000 PMT in the same period last year. For traditional basmati, the price on December 22 this year was around Rs 37000 PMT compared to only Rs 24,000 PMT same time last year.