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New Delhi: India’s exports of basmati rice to Egypt and European nations could get hit if the battle within the Purple Sea would not abate and the nation could should take an extended route round Africa to ship the commodity which might increase prices by 15-20%, an official mentioned Thursday.
Furthermore, general exports face a shortfall of about $4-5 billion this yr after India curbed exports of wheat, rice and sugar amid rising costs although the expansion in exports of different farm commodities will offset the export deficit. India’s agriculture exports in FY24 are anticipated to achieve final yr’s degree of $53 billion regardless of these restrictions.
“We anticipate that we might attain that degree despite $4.5-5 billion influence because of the restrictions,” mentioned Rajesh Agrawal, further secretary, division of commerce. Basmati rice exports from India have grown by 20% year-on-year within the interval between April 1- December 8, 2023.
