Non-basmati exports have done well compared to the previous year mainly due to the lockdown following the outbreak of COVID-19. Many in India and abroad have been stocking dry foods and rice has been the number one choice.
Anoop Gupta, Joint MD of KRBL said that this has been an excellent year for non-basmati. “Non-basmati exports are booming. I think in future coming days non-basmati will go in a very good spirit from India,” he said in an interview to CNBC-TV18.
Gupta added that China is looking to buy half million tonne non-basmati at USD 320-325 which is an all-time low price. However, he believes that only India can offer those prices.
“Thailand and Vietnam for the same quality are offering at USD 400. So India is the only option they have,” he said.
He further added that Bangladesh too is expected to buy a good quantity of non-basmati from India.
On the Iran market, Gupta said, “They (Iran) generally have a ban in September, October, November and December. But this is the first time they have removed the ban in October only. Also, US election and new regime, sanctions and currency would provide a lot of comfort to Iran. So, overall it is quite adjustable to import rice from India. So, in next 30-40 days Iran position is going to be comfortable and that is the rumour flowing in the Indian basmati market and that is why Indian basmati market in last 20-25 days, the market has jumped up by 10-12 percent. So, it is all positive from Iran.”
(Edited by : Santosh Nair)