Sunday, June 1, 2025
The Agrotech Daily
  • Login
  • News
    • Crops
    • Agro Forestry
    • Fertilizers
    • Livestock
    • Agro Machinery
    • Finance
    • Policy
  • Insights
    • Analysis
    • Opinions
    • Reports
    • Interviews
  • Technology
  • Permaculture
  • Events
  • NewsMakers
  • World
No Result
View All Result
  • News
    • Crops
    • Agro Forestry
    • Fertilizers
    • Livestock
    • Agro Machinery
    • Finance
    • Policy
  • Insights
    • Analysis
    • Opinions
    • Reports
    • Interviews
  • Technology
  • Permaculture
  • Events
  • NewsMakers
  • World
No Result
View All Result
No Result
View All Result
Home World

Iran begins clearing dues of Indian basmati rice exporters

US government lifting sanctions against Iran could boost orders, speculate Basmati rice exporters

Admin by Admin
January 29, 2021
in Crops, Featured, National, News, Policy, World
0
0
SHARES
28
VIEWS
Share on FacebookShare on Twitter
  • Iran has started clearing dues of Indian basmati exporters amounting to 1700 crores since 2019
  • Iran is one of the largest importers of rice
  • Lack of an efficient payment system has affected the trade

TAD NewsDesk, New Delhi: One of India’s largest importer of basmati rice has finally initiated clearing the amount owed to Indian basmati rice exporters. Pending since 2019, the dues amount to more than Rs 1,700 crore. Although the Middle East country purchases around 34% of the rice variety shipped out of India, in the absence of an effective payment system, trade between the two countries has been badly affected.
“Indian companies have started getting payments from Iran, which had been stalled since 2019, in the last few days,” said Vinod Kaul, executive director of All India Rice Exporters Association. “Over 52% of the payment amount close to Rs 900 crore to companies has been received through UCO and IDBI banks. This is good news for the industry.”
Further, Kaul added how the basmati rice exported to Iran has plummeted by 25% in the April-November period of 2020 in proportion to the amount exported during the same period of the previous year.
“With the remittances coming and with an assurance of payment, exports can increase in this quarter. A clear picture will emerge by next month,” he said.
Under the India-Iran trade deal, local oil refiners used to import crude oil from the Middle-east nation and make payments to the designated rupee account at UCO Bank. There has been no inflow of funds into the account as there was no import of crude oil by India.
In the previous year, Iran bought 1.32 million tonnes of basmati rice from India at a cost as high as Rs 8,846 crore. According to exporters, banks have advised them to export rice to Iran only on the condition that the payment be made in advance.
“It’s a big relief for the industry to start getting the payments. We expect demand to resume ahead of the Navroz festive season, which is the start of the New Year in Iran. We are hopeful that local buyers and the Government Trading Corporation of Iran will begin,” said Satish Goel of Shree Jagdamba Agrico Export, one of the largest basmati rice exporters to the Iran market.
Traditionally, a majority of the exports (over 40%) to Iran is made in the period of January to March.
Moreover, Basmati exporters are expecting a result in a spike in the orders from Iran as soon as the new US administration lifts the ban on Iran.

 

RELATED POSTS

Robotics in Agriculture: The Role of AI and Robots in Farm Labor

Blooming Business: Fascinating Facts About Floriculture

Source – Economic Times

Continue Reading
Tags: Agribusinessagricultural sectorBasmati riceBusinessIranRice trade
ShareTweetPin
Admin

Admin

Related Posts

role of AI and Robots in farm labor

Robotics in Agriculture: The Role of AI and Robots in Farm Labor

by Admin
December 20, 2023
0

Harvesting the Future: Unleashing the Potential of AI and Robots in Agriculture Introduction Defining the Marvel of Robotics in Agriculture...

Blooming-Business_-Fascinating-Facts-About-Floriculture

Blooming Business: Fascinating Facts About Floriculture

by Admin
December 1, 2023
0

The world of flowers, with their vibrant colors, captivating fragrances, and delicate beauty, has captivated human hearts for centuries. Floriculture,...

Exploring-Exceptional-Potato-Breeds-for-India

Exploring Exceptional Potato Breeds for India

by Admin
November 29, 2023
0

The humble potato, a staple in diets worldwide, holds a special place in India's culinary and agricultural landscape. With its...

Organic farming attracts Himachal fruit growers

Organic Farming Attracts Himachal Fruit Growers

by Admin
November 25, 2023
0

Himachal fruit growers say the switch to natural farming has also brought down their input costs, thereby increasing the profit...

Garden Elegance: 7 Remarkable Flowers for Your Garden

by Admin
November 24, 2023
0

Gardening, a harmonious blend of art and nature, offers enthusiasts the opportunity to cultivate and nurture life in its most...

Next Post

January witnesses a drop in winter vegetables' prices

Ghazipur border tensions: Farmers protest

RECOMMENDED

role of AI and Robots in farm labor

Robotics in Agriculture: The Role of AI and Robots in Farm Labor

December 20, 2023
Blooming-Business_-Fascinating-Facts-About-Floriculture

Blooming Business: Fascinating Facts About Floriculture

December 1, 2023

MOST VIEWED

  • Agricultural Companies

    8 Largest Agricultural Companies in the World

    0 shares
    Share 0 Tweet 0
  • Smart Irrigation Systems: Cultivating the Future of Agriculture

    0 shares
    Share 0 Tweet 0
  • Drones in Agriculture: Revolutionizing Crop Monitoring and Empowering Farms

    0 shares
    Share 0 Tweet 0
  • Cultivating Soil Fertility: 10 Tried and Tested Approaches

    0 shares
    Share 0 Tweet 0
  • Impact Of Soil Erosion On Agriculture

    0 shares
    Share 0 Tweet 0

About Us

The Agrotech Daily

We are a media company focused on the Agriculture B2B market. We create, aggregate and distribute actionable news, reports, analysis and more for the agriculture industry cohesively.

Trending News

Robotics in Agriculture: The Role of AI and Robots in Farm Labor

Blooming Business: Fascinating Facts About Floriculture

Exploring Exceptional Potato Breeds for India

Organic Farming Attracts Himachal Fruit Growers

Garden Elegance: 7 Remarkable Flowers for Your Garden

Press Release

Robotics in Agriculture: The Role of AI and Robots in Farm Labor

Blooming Business: Fascinating Facts About Floriculture

Exploring Exceptional Potato Breeds for India

Organic Farming Attracts Himachal Fruit Growers

Garden Elegance: 7 Remarkable Flowers for Your Garden

  • About
  • Submit Article/PR
  • Contact

© 2025 TAD - A Medianiti Venture.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • Politics
  • World
  • Science
  • National

© 2025 TAD - A Medianiti Venture.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In