Wheat to be sold to traders at Rs.12.50 a kg; decision on sugar deferred  The Centre will release five million tonnes of wheat from its pool in the open market to enhance availability and maintain a check on prices. The wheat, to be released in July, would be available directly from depots for traders and retail buyers at a reserved price of approximately Rs.12.54 a kg. Wheat is selling in Delhi...

Last year may have been a cruel year for much of the country with slow growth and double-digit food inflation, but India's high net worth individuals (HNWIs) prospered — just over 120,000 in number, or 0.01% of the population, their combined worth is close to one-third of India's Gross National Income (GNI). HNWIs, in this context, are defined as those having investable assets of $1 million or more, excluding primary...

The Maharashtra government may intervene to make farmers accept a lower price for sugarcane supplied to mills, given the way these have gone out of line with current market prices. Chief Minister Ashok Chavan has convened a meeting on Thursday with mill representatives on the issue. With the current cane prices of Rs 240-250 a quintal delivery at the mill gate, the cost of sugar production comes to around Rs 2,700...

The government may shift to per capita allocation of foodgrains and raise the price of wheat and rice meant for the Above the Poverty Line (APL) population under the Public Distribution System (PDS) to meet the objectives of the proposed National Food Security Bill. Raising the price of APL foodgrains is an “unavoidable adjustment,” the Planning Commission has said in a note it has prepared for the Sonia Gandhi-headed National...

While it may appear paradoxical that at a time when the government is fighting inflationary pressures, it has chosen to hike the minimum support price (MSP) for foodgrains, the reality is that prevailing market prices for almost all foodgrains, oilseeds and cereals are way above even these newly announced prices. Therefore, despite the substantial hike in MSP for kharif crops, especially for pulses, the impact on both market and farmers’...