Centre, in a significant move, has decided to completely remove the floor price on export of basmati rice to boost its export. The step has been taken in response to ongoing trade concerns and adequate domestic availability of rice.
A floor price of 1200 dollar per metric ton was introduced in August 2023 as a temporary measure in view of rising prices of rice and tight supply position in domestic markets. The floor price was later rationalised to 950 dollar per metric ton in October 2023.
