Mumbai: India's exports of basmati rice may rise to Rs 22,000-22,500 crore (US$ 3.39-3.46 billion), with volume to around 4.09 million tonnes (MT) in 2017-18, backed by a rise in average realisations, as per Investment Information and Credit Rating Agency (ICRA). Mr Deepak Jotwani, assistant vice-president, ICRA, expects the exports in 2016-17 to be near Rs 21,000 crore (US$ 3.23 billion) with a volume of around 4 MT.  The basmati rice industry experienced moderation due to declining international demand, after peaking at Rs 29,300 crore (US$ 4.51 billion) in 2014-15; however the demand witnessed some stabilisation in 2016-17. He further stated that a rise in paddy prices and resumption of imports by Iran could give a boost to exports and drive growth in the industry going forward.