The Impact Of the coronavirus on Basmati Rice Export According to the Yashraaj Praveen Jain
- Yashraaj Praveen Jain
- May 28, 2020
- 1 min read
The Impact Of the coronavirus on Basmati Rice Export According to Yashraaj Praveen Jain who takes it’s authentic brand all over the globe!!
The recent outbreak of the Covid-19 virus, with Iran being severely affected, has added to the already existing woes of Indian basmati rice industry; and further marred any expectations of taking off in the near term. As per an PHPS RICE N PULSE OVERSEAS INDIA research report, with the virus still spreading rapidly in key export destinations, logistical constraints and business shutdowns are expected to have a negative bearing on the industry.
Similar constraints will also impact the domestic market. Moreover, the industry whose performance is linked to exports to a large extent is expected to have a weaker H1 FY2021 thereby leading to excess supply in the domestic market and price corrections.
Giving more insights on the trend, Mr. Yashraaj Jain , says, “After witnessing a strong growth of 25% in FY2018 and 22% in FY2019, basmati rice exports moderated in 9M FY2020 owing to weak off-take across key markets like Iran. The value of exports fell from Rs 32,804 crores in FY2019 to Rs 20, 925 crores in 9M FY2020. Exports are estimated to have further moderated in Q4FY2020; and now with the covid-19 outbreak, the uncertain scenario in basmati rice exports has worsened.”
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