The Indian government has delivered a double lot of good news to the country's exporters by announcing it has eliminated the export tax levied on basmati rice whilst simultaneously reducing the minimum export price for overseas shipments.
Prior to the removal of the tax, exports of basmati rice were levied at INR8,000 (USD162) per tonne. The new minimum export price will sit at USD1,100 per tonne, down from USD1,200. The price controls were imposed last year to help bolster domestic supplies.
It is anticipated that these adjustments will help boost the trade of basmati rice from India, which is the world's second-largest source of the product.
The government has pointed out, however, that it has no plans to alter the import and export tax regimes of other commodities.
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