India Sets Minimum Price for Basmati Rice Exports

The Indian government announced on Sunday that it has "imposed a minimum export price of $1,200 per ton for basmati rice shipments," as the country seeks to control domestic prices ahead of local elections. The government stated, "Some traders have been classifying non-basmati white rice as basmati to circumvent export restrictions following the ban announcement." It added, "Establishing a minimum export price will assist authorities in ensuring that non-basmati rice is not exported as basmati." India, the world's largest rice exporter, banned exports of non-basmati white rice in July and, on Friday, imposed a 20 percent tax on boiled rice exports.