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17 जुलाई 2015

Basmati Rice Export from India May Boon After Iran Nuclear Deal

Lifting of global economic sanctions on Iran by the US and EU could facilitate a new record for basmati rice export to that country from here in 2015-16.Iran is also expected to cut import duty on Indian basmati from 40 per cent now to 20 per cent from the new season, starting October. However other commodity like soymeal, sugar and corn are likely to be affected Iran will be able be able to buy soymeal, sugar and corn at much cheaper rates from South American countries like Brazil, Argentina and the U.S. Iran may import around one million tons of Indian basmati rice. India exported around 900,000 tons of basmati rice to Iran in FY 2014-15 (April - March) compared to around 1.44 million tons in FY 2013-14 due to a temporary ban imposed by the Middle East nation citing surplus stocks.

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