Preventive trade policies restrict export of key agri commodities: study
The Dollar Business Bureau The trade policy of India on agriculture has a pro-customer prejudice which indirectly taxes farmers by putting export curbs on different crops, according to a study. The domestic prices of major agricultural items were below that of export prices in most of the years during the period 2004-2014, a joint study by The World Bank and Indian Council for Research on International Economic Relations (ICRIER) on Tuesday revealed. Policy makers have used preventive trade policies to maintain the domestic prices low in most of the years, the study found after an analysis of domestic prices deviation from global prices. The study on ‘Price Distortions in Indian Agriculture’, analysed global and domestic prices of 15 agri commodities for a 10-year period between ...
Indian traders float tenders to import 330,000 tonnes corn
The Dollar Business Bureau India's two state-run trading companies have issued tenders to import 330,000 tonnes of maize with an aim to stimulate supplies of the grain and bring down rocketing domestic prices. PEC Limited has initiated a tender to import 200,000 tonnes of maize in December this year and January next. The company announced the last date for submitting bids as July 29. The State Trading Corp of India (STC) has sought to import 130,000 tonnes of maize for shipments in August. STC announced the last date for submitting bids as July 28. India, in the past, had found it difficult to source non-genetically modified corn. The government allows only plantation and consumption of genetically modified maize. Earlier this month, India had aspired for ...
India to import 5 lakh tonnes of maize
The Dollar Business Bureau India will import 5 lakh tonnes of maize (corn) to keep a check on its domestic price rise and hoarding. A tweet by her ministry said that the Commerce Minister Nirmala Sitharaman has approved importing of 5,00,000 MT of maize under Tariff Rate Quota by a state trading enterprise. The decision to import maize has been taken amid the fall in domestic production of the crop and to check its price rise and prevent hoarding. As part of the Tariff Rate Quota Scheme, the government approves inbound shipments of four products, including corn, at concessional rates of customs duty. Under the Tariff Rate Quota Scheme, the import duty on maize is zero. Currently, the import duty on maize is 50%. Last month, ...
Indias cereal exports to Nepal forecast to increase sharply in 2014-15
The Dollar Business Bureau India’s exports of cereals to Nepal are expected to increase significantly in the marketing year 2014 – 15 (July – June) due to a below-normal harvest in Nepal this year. According to the UN’s Food and Agriculture Organisation (FAO), rice production in Nepal is expected to decline by around 9% y/y to about 4.6 million tonnes. This is mainly due to below average monsoon rains this year but floods and landslides in August 2014 in Nepal has also hurt production in the country, said FAO. Wheat and maize production in Nepal are, however, expected to remain at last year’s levels of around 1.9 million tonnes and 2.3 million tonnes respectively. Nepal is a major trading ...
