Basmati export floor price to hit farmers

Farmers in Haryana, Punjab, and western Uttar Pradesh are facing a loss of ₹8,000-10,000 per acre due to the government's decision to set a minimum export price of $1,200 per tonne for basmati rice. Prices of the new crop have dropped by ₹400 per quintal in the past week. Millers and exporters are pressuring farmers to sell at a lower price in anticipation of the government removing the minimum export price after October 15.