Basmati exports losing aroma as Iran goes high on curbs

May 01 2014, 00:46 IST
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Basmati rice exports accounted for 70% of Indiaís total rice exports in FY14, at Rs 28,187 crore. Reuters Basmati rice exports accounted for 70% of Indiaís total rice exports in FY14, at Rs 28,187 crore. Reuters
SummaryBasmati rice exports accounted for 70% of Indiaís total rice exports in FY14, at Rs 28,187 crore.

increased manifold since.

Apart from Iran, other key destinations for the Indian basmati rice are Saudi Arabia, the UAE, Kuwait and Iraq. Non-basmati rice is exported mainly to African countries, including Benin, Nigeria, South Africa and Senegal.

India had launched a rupee settlement mechanism from April 2012 with Iran to avoid sanctions from the US and the European Union. As part of this initiative, state-owned UCO Bank has tied up with four Iranian lenders Ė Parsian, Pasargad, Saman and EN Banks Ė for settlements of dues.

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