Results of these studies revealed that both additive and non-additive gene actions were involved in the inheritance of all traits. Preponderance of additive gene action was observed in the inheritance of ten traits viz., days to 75% maturity, plant height, spikelets/panicle, grains/panicle, harvest index, grain length, grain breadth, L:B ratio, amylose content and grain yield/plant. Preponderance of non-additive gene action was observed in the inheritance of eight traits viz., days to 50% flowering, maturity period, total tillers/plant, effective tillers/plant, panicle length, spikelet fertility, biological yield/plant and test weight. Genotype HPR 3007 followed by HPR 1156 and Kasturi were identified as superior parents based on high grain yield/plant and general combining ability. HPR 3007 × HPR 2373 followed by HPR 3007 × HPR 2612, Kasturi × HPR 2612 and HPR 3007 × HPR 3010 were identified as promising crosses based on high grain yield/plant, heterosis and specific combining ability. Identified superior parents and crosses can be used as donor parents for the improvement of existing low yielding basmati cultivars.