After millers and dealers complained about a dramatic decline in overseas sales of the premium aromatic grain, INDIA will lower the floor price for basmati rice exports in the upcoming days, according to individuals familiar with the situation. According to the reports, India will reduce the basmati floor price from US$1,200 per tonne to US$850 per tonne in order to help millers and dealers in shipping out the grade of rice. India set the floor price, or minimum export price (MEP), for shipments of basmati rice at US$1,200 per tonne last month. The MEP, according to the authorities, was put in place to assist New Delhi in preventing the shipment of non-basmati rice as basmati rice. Following a prohibition on the export of broken rice the previous year, shocked buyers in July by putting a ban on the export of commonly consumed non-basmati white rice. Prem Garg, president of the Indian Rice Exporters Federation, stated that the move to cut the basmati MEP will benefit farmers who were suffering from declining exports and were losing money. Additionally, the initiative will assist India in maintaining its leading position in the world basmati rice market.