NEW DELHI (Commodity Online): With the increased demand for the Indian basmati rice in Saudi Arabia, Iran, Kuwait and the UK, exporters have turned bullish on the prospects of the premium variety.
Recently, India's Empowered Group of Ministers (EGOM) had slashed the Mininmum Export Price(MEP) of basmati to $700 from $900.
The country expects to ship about 2.5 million tons of the basmati rice produced for 2011-12. Last year the exports was around 2.18 million tons.
The demand from the India's new markets like Iraq haas also increased and shipment is expected to be around 2.5 lakh tons for 2011-12.
India is the largest producer of basmati rice in the world and is expected to produce around 7.5 million tons for 2011-12.
