The Indian Government may consider lowering the minimum export price of basmati rice amid reports that Pakistan has set a price of $1,050 per tonne for the commodity.
As per reports, the government may reduce the minimum export price (MEP) on basmati rice by around $300 per tonne from the existing $1,200 per tonne to counter Pakistan's move.
Commerce and Food Minister Piyush Goyal is learnt to have held a virtual meeting with basmati exporters, where the decision was apparently taken.
According to reports, the decision has been taken to maintain Indian basmati rice's global competitiveness.
The government may announce the cut in basmati's MEP this week, reports said.
Some varieties of rice are grown for export purposes and they don't have any impact on the domestic market.
Last month the government had banned basmati rice exports to prevent fraudulent shipments of non-basmati rice disguised as regular basmati rice.
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