The government had imposed MEP of $550 per tonne on onion in May 2024 and $950 per tonnes on basmati rice in October 2023. That led to a slump in domestic prices and losses to farmers and traders.The demand for India’s basmati rice in the international market was quite high as competitor Pakistan was not able to produce enough aromatic rice due to weather vagaries in 2022 and 2023. But in the current rice producing year, Pakistan has regained its international basmati rice market causing major losses to Indian farmers and traders.Piyush Goyal, Union Minister of Commerce & Industry, has appreciated the decision of PM Modi, hailing his sensitivity towards farmers. He shared his order copy on social media.In another notification, the Directorate General of Foreign Trade removed MEP condition on export of with immediate effect and until further orders.
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