Economy, Domestic Economy

India to Resume Rice Exports

India to Resume Rice ExportsIndia to Resume Rice Exports

A business delegation from India led by Indian deputy minister of commerce and industry, Rajeev Kher, traveled to Iran on Saturday to discuss resumption of rice exports to Iran, IRNA reported. “Iran imposed a 45% import tariff on the Indian rice due to oversupply in the rice market,” said Ajay Sahai, director general of the Federation of Indian Export Organizations (FIEO).The decision led to a sharp decline in Basmati rice prices inside India. According to the Indian website Business Line, Iranian officials are likely to start issuing permits for importing Indian rice with low tariffs once again. Iran is an important export destination for Basmati rice, as the country imports about 20% of the rice grown in India.