NEW DELHI (Commodity online): India’s Basmati Riceproduction is expected to increase by 1 mn tonnes in 2011-12 due to good weather conditions in Punjab, Haryana and Western Uttar Pardesh.
The nation produced 6.5 million tons of basmati rice in 2010-11 which is expected to record 15.3 % growth to 7.5 mn tones in 2011-12 harvest. Punjab accounts for 70-75% of India’s basmati rice output.
According to the Vijay Setia, President, All India Rice Exporter Association, the quality of the Paddy and the good weather conditions is likely to push up basmati production this year by 10%, reported Business Standard.
According to the traders and exporters, the price of the commodity is said to fall in the range Rs 17,000-18,000 a ton against Rs 21,000-22,000 a ton last year. The crop has started reaching the market and the prices of Pusa-1 variety are at Rs 17,000 a ton compared to Rs 19,000 a ton last year.
The exporters are having carry-forward stock due to huge gains in production.
The major Basmati Rice variety produced in India is Pusa-1121, it accounts for 60% of the total produce.
India is the major producer of basmati rice and accounts for almost 70% of the world produce and nearly two-third of the country’s produce is exported. Major consumers of Indian basmati rice are Saudi Arabia, UAE, Iran, Kuwait.