Basmati prices fall as farmers increase acreage

CHANDIGARH: The price of traditional basmati, the world’s most expensive rice, is down by a fifth compared to last year as farmers extend the crop acreage. But that has come at the cost of the man-made basmati varieties such as Pusa 1121, which are now more expensive by 10%.

In Haryana’s Karnal mandi, the current prices of Pusa 1121 ruled from 2,300 to 2,400 per quintal compared with 1,800 to 2,000 in the previous year. Traditional basmati , whose arrivals began a week ago, was currently selling at 2,500- 2,700 per quintal from 3,600 the previous year.

As per the All India Rice Exporters Association president Vijay Setia, the prices were on an upward swing from the previous year, but it was early to say how they will go in the coming months.