New Delhi, Oct. 12 -- The Indian Rice Exporters' Federation (IREF) has launched a bulk-shipping initiative that aims to reduce freight costs for Basmati rice exports to Iraq by nearly 74 per cent, from USD 350 to USD 90 per tonne, in a move expected to strengthen India's competitiveness in the Middle East market, where Basmati exports stood at Rs 34,284 crore in FY 2025-26.

According to a press release issued by IREF on Monday, the initiative, undertaken in collaboration with Singapore-based Eximwala Solutions Pte. Ltd., covers bulk shipments of 1,02,210 metric tonnes of Basmati rice to Iraq through three vessels.

The initiative comes amid rising freight costs, container shortages and geopolitical disruptions affecting India's rice expo...