Government likely to hike import duty on sugar to 60%
The Dollar Business Bureau The government is likely to increase the duty on the import of sugar to 60% from the present 40% in order to control the cheap imports and to maintain local prices. Any decline in the domestic prices of sugar will impact the millers' capacity to pay sugarcane dues to farmers. In the wake of lower sugar production expected during the current marketing year of 2016-17, the government, in April, had permitted 5 lakh tonnes of raw sugar import at zero duty in order to boost local supply. “We are monitoring global price movement closely. Prices in the international market are falling and some traders are keen to import even at high customs duty. So, we are considering raising the import duty,” ...
Pulses race to Rs 200/kg
PTI As pulses raced to touch up to Rs.200 per kg, intelligence agencies were today asked to crack down on cartels, while futures trade was curbed to check speculation and buffer stock was hiked over 5-times to 8 lakh tonnes to boost supply in a multi-pronged approach. Efforts were also beefed up to sell larger quantities of pulses at highly-subsidised rates through government agencies and outlets, but favourable results were hardly visible in the retail and wholesale markets. Urad dal was selling as high as Rs.196 per kg, while chana was also seen moving closer to Rs.100 per kg level. Tur dal continued to rule high at Rs.166 per kg, while moong and masur were being sold at Rs.125 and ...
Govt increases the buffer stock for pulses
The Dollar Business Bureau The government of India has increased the size of the buffer stock of pulses by more than 5 times to 8 lakh tonnes for this year as they seek to sell lentils at a lower rate for the relief of the customers. This decision was taken at a high-level meeting which was chaired by the Finance Minister Arun Jaitley. It was also decided to import pulses from Myanmar and African countries to increase the stock. Despite several measures taken to increase the supply of pulses in the last couple of months, the prices of pulses are ruling in the market for over Rs.170 per kg. Ram Vilas Paswan, Union Food Minister, Radha Mohan Singh, Agriculture Minister, M Venkaiah Naidu, Urban ...
India likely to import 5MT of wheat in 2016-17
The Dollar Business Bureau The wheat imports of India could rise in 2016-17, which will subsequently force the country to cut down on import taxes as incessant droughts lowered the output amid high demand, said an ITC executive on Friday. While the output of grains in India may slope downwards by 2.3% to about 85 million tonnes, India may import 5 million tonnes wheat in 2016-2017, said ITC’s group head of agri and IT businesses, Sivakumar. ITC, a giant in consumer products and a multi-billion dollar group, is one among the top private wheat buyers. Wheat imports will be the highest at 5 million tonnes since 6.7 MT of wheat was imported in 2006-07. In the previous year, 5,00,000 tonnes of wheat was imported, ...
Govt procures 1.11 L tonnes of pulses for buffer stock
The Dollar Business Bureau The government, so far, has acquired 1.11 lakh tonnes of pulses from farmers for the buffer stock. Meanwhile, in an effort to control the retail prices, the government has also agreed to import 38,500 tonnes of pulses. The states have been asked to place their requests for allotment of pulses from the buffer stock and sell them at prices not exceeding Rs.120 per kg. In the inter-ministerial committee meeting, headed by the Consumer Affairs Secretary Hem Pande, it was informed that of the 38,500 tonnes of contracted pulses, 13,000 tonnes already were brought into the country while 6,000 tonnes are in the process of being shipped. The agenda of the meeting was to review the prices of basic commodities. ...
Prices of pulses not to cross Rs.120/kg: Paswan
Source: PTI Prices of pulses will not be allowed to cross Rs.120 a kg, Union Food Minister Ramvilas Paswan said on Monday. Paswan told reporters that his ministry has prepared a buffer stock to ensure that prices of pulses does not spiral. About 50 tonne pulses have been purchased and an additional 26 tonne was being imported, the Minister said. "Out of this import, 10 tonne has already reached us," he said adding another one lakh tonne pulses were been acquired from the market. He said production of around 173 lakh tonne of pulses was expected in the country this year, while the country consumes 235 lakh tonnes of pulses. The Minister said the Centre wants there should be no hoarding of pulses. Paswan, who hails from ...
Central Pool breaks buffer stock norms
The Dollar Business Bureau The stocks in the central pool is double of what is required for buffer norms that are used to tackle emergency like situations, said Ram Vilas Paswan, Minister of Consumer Affairs, Food and Public Distribution. As of 16th April 2016, food grains stocked at the Central Pool is estimated to be 496.12 lakh tonnes. The pool comprises 213.77 lakh tonnes of wheat and 282.35 lakh tonnes of rice. The total acquisition of current stocks shows a significant growth when compared to last year, which was 280.87 lakh tonnes. The possession of more than 4 lakh tonnes of foodgrains was against the buffer norms (stocking norms) that permit buffer stocking of 210.40 lakh tonnes. It includes 74.60 lakh tonnes of ...
