Price Of 'basmati' Does Not Rise

There is no artificial increase in rice prices at the moment, according to sources within the Ministry of Commerce and Industry. However, several cooperatives have stated that the recent decision by the Indian government to set a minimum price for exported basmati rice will have limited impact, as citizens predominantly rely on rice supplied by the state, reports Al-Anba daily. This decision is not expected to deter cooperatives from rejecting price hikes by suppliers without consulting the Union of Cooperative Societies. Conversely, wholesalers in the Shuwaikh area have conveyed that basmati rice prices have remained stable for six months. Due to the suspension of rice exports by India, the price of white rice has recently surged by about 800 fils per 20-kilogram bag.

Wholesalers expect that the Ministry of Commerce and Industry's vigilant market oversight will prevent basmati rice prices from rising despite India's decision to impose a minimum export price of $1,200 per ton. The representatives of the cooperative societies emphasize their substantial strategic stocks of basmati rice, with quantities sufficient for more than six months. They assert their commitment to adhering to decisions made by the Federation of Cooperative Societies and reject any price hikes not authorized by an official circular. Kuwait has a substantial supply of locally grown subsidized basmati rice, underscoring the government's prior effort to cultivate the staple food in India.

 

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