Basmati prices hit record high in India

Mandi prices of newly harvested basmati rice in Punjab and Haryana have reached Rs 5,000/quintal, up from Rs 4,000/quintal a year ago. Exporters say the increase is due to strong demand from West Asia.

Prices of major basmati variants are currently at Rs 4,500/quintal and Rs 5,200/quintal in some mandis. These variants make up 75% of India’s exports of aromatic and long-grain rice.