According to the latest information, it has been revealed that farmers engaged in the aromatic, long-grain staple basmati rice in Punjab and Haryana faced huge losses on account of low prices earlier this season and now when the prices have shot up, most of farmers are left high and dry as they have already sold their produce. In this regard, the rice industry experts believe that there is an urgent need for the governments to implement reforms in the rice trade. Further, it has been stated by the rice experts that in Punjab and Haryana, where a majority of farmers are deprived of profits even after basmati rice prices have raised, it could have been avoided if there had been a better mechanism of payment.
Furthermore, it has been observed that in the markets of Punjab and Haryana, basmati prices have seen a sudden rise during the past few weeks. The basmati variety PUSA 1121 is now fetching between Rs. 3,000-3,100 a quintal, which was being sold in the range of Rs 1,300 to Rs 1,800 per quintal early this month. Besides, the price of the 1509 variety has also jumped to Rs. 1,800 a quintal as against Rs. 1,000-1,200 a quintal as told by the traders. Thus there is unpleasant effects and feelings of the farmers and they allege that traders and commission agents of being in hand in glove.