After touching a record $4.88 billion or Rs 29,299 crores in 2013-14, India’s basmati export earnings were on a declining trend over the past three years on a decline in prices and lower purchases by Iran, a large buyer. To supplement domestic production of about 2 million tons, Iran imports about 1 million tons of rice every year out of which about 7 lakh tons is exported from India.By: Skymetweather.com
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