Q. Many a times we read in the newspapers that in India, while rice (non-basmati) exports are banned, basmati (an aromatic premium rice variety) can be exported without quantitative limits subject to a specified MEP. What does MEP stands for here?
Answer: Minimum Export Price
Notes: MEP stands for Maximum Export Price. In India, the government regulates the export of agricultural products, including rice, to stabilize domestic prices. Basmati rice, known for its unique aroma and long grains, is allowed for export under specific pricing guidelines to ensure that exporters do not sell it below a certain price, thus protecting both farmers and the market.