Chandigarh, March 18 -- Basmati exporters from Punjab and Haryana are pinning hopes on a revival in overseas shipments as inventories in key importing regions - including Europe, North America and the Middle East - remain low, with demand expected to firm up during the ongoing Ramadan period. Exports of the premium grain were disrupted last month following the outbreak of conflict involving the US, Israel and Iran, which led to the blockage of critical shipping routes, particularly the Strait of Hormuz. The disruption has halted trade for nearly 18 days, leaving basmati stocks worth around Rs.4,500 crore stranded. India exports basmati rice worth approximately Rs.50,000 crore annually, with Punjab and Haryana contributing a major share. Exporters say the current crisis poses a serious challenge to the industry, even as discussions are underway to find alternative mechanisms to resume trade. Ranjit Singh Jossan, a Punjab-based exporter, said efforts are being made to establish non-dollar payment systems for trade with Iran. "Options such as barter arrangements, as used earlier, or transactions in Chinese yuan are being explored," he said, adding that future trade could increasingly shift towards local currencies, digital currencies and barter systems, indicating a gradual move away from dollar-dominated global trade. Ashok Sethi, director of a basmati exporters association, said while signs of alternative arrangements are encouraging, uncertainty remains over who will bear the additional logistics costs - importer or the exporter - arising from disrupted shipping routes. He urged the Centre to provide clarity, warning that both farmers and exporters could suffer if the situation persists. Trade with Iran has long been affected by US sanctions, which have complicated access to global banking channels. Between 2000 and 2015, India maintained trade through a rupee-rial mechanism. Although the 2015 nuclear agreement briefly eased restrictions, the re-imposition of sanctions in 2018 once again forced a shift towards barter systems and indirect financial routes. In the current conflict scenario, Iran is expected to explore alternative transaction methods, including cryptocurrencies and non-dollar currencies, to ensure continued imports of essential goods such as food and medicines. For India, Iran remains an important trading partner, particularly for food products and pharmaceuticals, with trade often routed through third countries or local currency arrangements during sanctions. Exporters note that Iran's willingness to offer safe passage through the Strait of Hormuz for oil trade conducted in Chinese currency reflects broader shifts in global economic dynamics, as countries increasingly look for alternatives to the US dollar in international trade....