Farmers reap basmati bonanza

The sudden spurt in prices of basmati rice around Diwali has left the farmers of Punjab, Haryana and Uttar Pradesh richer by at least Rs 24,000 crore in less than a month — a blessing from Goddess Lakshmi, no less! India produces about 8 million tonnes of basmati rice or 12 million tonnes of paddy (at 66 per cent conversion ratio) primarily in the three States.

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