New Delhi [India], October 23 : The Indian Rice Exporters' Federation (IREF) expects memorandums of understanding (MoUs) worth more than Rs 50,000 crore to be signed at the Bharat International Rice Conference (BIRC) 2026, as the event brings together rice exporters and international buyers amid concerns over falling global production, rising fuel costs and shipping disruptions.
Dev Garg, Vice President of IREF, told ANI in an exclusive conversation that the organisation expects business commitments at this year's conference to exceed those recorded during the previous edition.
"Last year we signed MOUs worth 32,000 crores. I'm quite sure that this year that figure will cross more than 50,000 crores," Garg said.
He added that the final business figures would become clearer by the end of the three-day conference, which opened at Bharat Mandapam in New Delhi on Friday.
"This year, we have lined up more than 2,000 B2B meetings. All these B2B meetings will be recorded, and the feedback will be observed," he said.
The conference has recorded 32,467 registrations, including 4,856 buyers from 153 countries. The event aims to help Indian rice exporters explore new markets, assess the global rice price outlook for 2027 and identify opportunities to improve returns across the industry.
Highlighting the scale of participation, Garg said the event had attracted people from across India and overseas.
"More than 32,000 people from 153 countries and, most importantly, the people who are visiting this conference from India. More than 92 per cent of them are from outside Delhi," he said.
However, the rice industry faces several challenges that could affect production, trade and prices in the coming months.
Garg said global rice production was expected to decline, citing estimates from the United States Department of Agriculture (USDA).
"The USDA had estimated that the rice production of the world will fall from 545 million metric tons to 533 million metric tons. That is a fall of nearly 12 million tons," he said.
According to Garg, India could account for 7 million tonnes of the expected decline in global production. He described the projected fall in India's paddy crop as a major concern for the industry.
The sector is also dealing with disruptions to shipping routes amid the West Asian crisis and rising fuel prices, he said. Changes in import policies, including higher tariffs and restrictions in some countries, have added to exporters' concerns.
Garg said these challenges would be discussed during the conference as industry participants assess the outlook for international rice prices and export demand.
Despite the headwinds, he expressed confidence in the industry's long-term prospects.
"But all I can say is that in spite of these challenges, we have a bright future ahead," he said.
BIRC 2026, which opened at Bharat Mandapam in New Delhi on Friday, is a three-day event, organised by the Indian Rice Exporters' Federation (IREF). It brings together Indian rice exporters and international buyers to explore new markets, assess the global rice price outlook for 2027 and identify opportunities to improve returns across the industry.
It features nine knowledge sessions and discussions on key industry issues, including global rice prices and ways to improve returns for participants across the rice value chain.