Search Result for : Msp

The Dollar Business Bureau International credit rating agency Fitch on Thursday projected India’s economic growth rate at 7.3% in the next financial year of 2018-19 and at 7.5% in the 2019-20 fiscal, as the Indian economy is showing signs of recovery because the disruptions caused due to demonetisation and goods and services tax (GST) have gradually diminished. However, India’s economic growth rate is estimated at 6.5% in the current fiscal, a little lower than the official estimates of 6.6% by the Central Statistics Office (CSO),” according the Fitch’s Global Economic Outlook report. Indian economy grew at the rate of 7.1% in 2016-17. “The pick-up in growth is likely as the influence of one-off policy-related factor which was dragging growth has now waned,” the US-based ...

The Dollar Business Bureau In the wake of record production of pulses last year, the Government on Thursday removed restrictions on exports of all varieties of pulses so that farmers can get remunerative prices as rates in the domestic market have crashed below the minimum support price (MSP).  “The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, has given its approval for removal of prohibition on export of all types of pulses to ensure that farmers have greater choice in marketing their produce and in getting better remuneration for their produce,” said an official statement.  The decision of the Government comes after two months of lifting a ban on exports of some varieties such as urad, tur ...

The Dollar Business Bureau Brazil and the European Union (EU) have jointly proposed a cut in the incentives provided by developing economies to the farmers, a step that could adversely impact India, along with other emerging countries.  In a paper to the World Trade Organisation (WTO), jointly prepared by the two, it proposed a reduction in the limits on subsidies given to farmers by developing economies.  If the given proposal is approved, India would not be able to provide any subsidy apart from the minimum support price (MSP) and may have to curb the incentives for disease and pest control, infrastructure, marketing services, etc.  In addition, the proposal asks to ban exports of food stocks that are meant for public distribution in ...

The Dollar Business Bureau The country is looking at good wheat output this year. Wheat procurement is generally done during April to March wheat marketing year. But this year procurement of wheat was taken up a month earlier by the Food Corporation of India. Till now about 30.1 MT of wheat has been procured by the FCI and other state agencies in the ongoing rabi marketing season of 2017-18. This is far beyond last year's total purchase of 22.9 MT of wheat. Wheat is procured from the farmers at a minimum support price which is now Rs 1625/quintal a marginal increase of Rs 100/quintal from the price offered last year. The government buys wheat from the farmers at the MSP rate specified to ...

PTI Ruling out any role of middlemen in wheat procurement, Uttar Pradesh Chief Minister Yogi Adityanath today asked peoples' representatives to help in monitoring wheat purchase centres which will go functional in the state from April 1, 2017. "The Chief Minister has desired that MLAs and MPs help in monitoring of working at purchase centres and provide feedback on implementation of government orders in this regard," an official spokesman said. Cautioning that no one would be allowed to play with the interests of farmers, he has warned of stern action in case of laxity in any of the purchase centres. Pointing out that arrangements have been made to procure wheat directly from farmers, Adityanath said unlike the previous ...

The Dollar Business Bureau  The government is considering imposing imports duty on wheat in order to protect the interests of farmers amidst expectations of a record production this year, said Ram Vilas Paswan, Minister of Food and Public Distribution.  On December 8, the government had reduced the customs duty on wheat imports to nil from 10% in order to boost its availability in the domestic market and to check retail prices.  The Minister said that there would be a bumper crop of wheat this year and the ministry has set a target of procuring 33 million tonnes of grain in the marketing year 2017-18, which starts from April.  the new crop of wheat will start coming into the market from March, said Paswan, while adding that the government ...

The Dollar Business Bureau After a record surge last year, tur dal prices have witnessed a sudden slump in the wholesale market this year, falling considerably below the Minimum Support Prices (MSP) level.  Tur dal prices came down to Rs.4500 per quintal, as it has fallen by more than half in the last quarter alone. In addition to the bumper crop of the commodity last year, supported by the Government’s demonetisation drive, the prices have crashed to a record level.  The major tur dal producing countries including Karnataka, Maharashtra and Gujarat had a good crop year in 2016. In Karnataka, the total production is projected to touch 20-25 lakh metric tonnes compared to 12.50 lakh metric tonnes last year. Wholesale prices in the country’s main tur ...

PTI The government on Tuesday increased the minimum support price (MSP) of wheat by Rs.100 to Rs.1,625 a quintal and pulses by up to Rs.550 per quintal to boost output of these rabi crops and check prices. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has given its approval for the Minimum Support Prices (MSPs) for all rabi (winter- sown) crops of 2016-17. The CCEA has approved Rs.100 per quintal hike in wheat MSP to Rs.1,625 per quintal for the 2016-17 rabi crop against Rs.1,525 per quintal last year. "Wheat has been hiked by 6.6%, barley 8.2% and including bonus, gram 14.3%, masur 16.2%, rapeseed/mustard 10.4%, safflower 12.1%," an official spokesperson said. "Further, ...