Indian Basmati rice exports are expected to post strong growth in FY18 and FY19 on the back of improved demand in the international market, especially from Iran and transference of higher paddy prices over the last two procurement seasons. According to an ICRA note, Indian Basmati rice exports have witnessed a strong revival in the current fiscal with 22% growth in value in 9MFY18 over the previous fiscal after having been on the downward trajectory over FY15 to FY17. This buoyant exports growth has been fuelled by a 23% surge in average realizations (Rs64,594/MT in 9MFY18 as against Rs53,985/MT in FY17) and it is estimated that Basmati rice exports may cross Rs26,000cr for FY18 (growth of 20% over last fiscal) and Rs28,000cr for FY19.