India contributes about one‐third of the world acreage under rice. Rice is available in over 5000 varieties, of which Basmati rice occupies a prime position on account of its extra long superfine slender grains, pleasant, exquisite aroma, fine cooking quality, sweet taste, soft texture, length‐wise elongation with least breadth‐wise swelling on cooking and tenderness of cooked rice. This article reviews the quality and aroma traits of Basmati rice, particularly the varieties grown in different parts of India and Pakistan, the agronomy, breeding and physiology of the grain, the trade scenario, Agmark grade designation for export and the US patent of new hybrid strains of Basmati.