Price of Gobindobhog rice doubles amid low supply & rising demand from South India, Middle East
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The price of Geographical Indication tagged Gobindobhog rice has doubled at the retail end in the last seven months as there has been a demand-supply mismatch . Demand has shot up from southern parts of the country and the Middle East, while there is a shortage in last year's Kharif crop A kg of Gobindobhog rice has surged from Rs 90 in January to Rs 180 in July. This aromatic rice is only grown in West Bengal but is also a favourite in the South for making biriyani termed as Jeerakasala rice. In fact, Gobindobhog rice prices have even surpassed basmati rice which is hovering between Rs 120-140 per kg at the retail end.Angshu Mallick, managing director of AWL Agri Business (formerly Adani Wilmar), said Gobindobhog crop yield has been very low this year (Kharif 2024) which started arriving from December. 'The new crop is expected to come this December and till then price fall is unlikely,' he said.According to trade sources, Gobindobhog rice yield volume is down by almost 40% in 2024-25 compared to the previous fiscal. In FY24, Bengal had produced 4.34 lakh tonnes of this rice.Sutaj Agarwal, CEO of RiceVilla, a rice marketing and exporting company, said South India prefers biryani with old Gobindobhog as the flavour of the rice makes it more delectable.'Since last year's stock is less, the buyers from South and also from Saudi Arabia, Dubai, Qatar are buying heavily to create an inventory. The new crop, which will come in December, will not be suitable for biryani. Also Bengali diaspora across the globe buy this rice,' he said.Habibar Molla, managing director of Kojagari Industries, a miller and exporter from Burdwan district of West Bengal, said prices may fall by 10-15% when the new rice comes.While the Gobindobhog rice is on fire, prices of other rice varieties like Sona Masoori have started rising as the Bangladesh government has announced that it will buy rice from private parties to meet its domestic demand.'Rice exporters from Bengal, Uttar Pradesh and the South are aggregating their stocks close to the ports or at Petrapole (India-Bangladesh land border) to ship the rice once the tenders are floated by the Bangladesh government. It is being said that the neighbouring nation is likely to buy 9 million tonnes of rice this year,' Agarwal added.
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