Basmath or Basmat is a city and a municipal council in Hingoli district in the state of Maharashtra, India.
Basmath is also famous for its market. Major agri products available here are soyabean, turmeric, ground nuts, etc. The turmeric market of Basmath is well known for its quality produce. Turmeric is supplied to North India on a large extent and is also exported out of the country. There are many well-known traders in the town with a major role in turmeric market. Other crops such as soyabean, groundnuts, etc. also support the economy of the town. Some of the well-known traders from the town are Lakshminarayan Murkya, Kailsh Kabra, Sandeep Baheti, Sunil Ladda, Pushpendra Akkarbote, Sachin Kapuskari, Manoj Ladda and many more.