-Business Standard Turkey's decision comes at a time when international buyers have been looking to secure supplies of wheat Turkish authorities have denied permission to Indian wheat consignment over phytosanitary concerns, prompting a ship to initiate its return journey on May 29, traders were quoted as saying by S&P Global Commodity Insights on Tuesday. According to S&P Global Commodity Insights report, the MV Ince Akdeniz loaded with 56,877 tonnes of durum wheat is...

-PTI/ Business Standard V Anantha Nageswaran also ruled out recession hitting India, given its macroeconomic fundamentals Chief Economic Adviser V Anantha Nageswaran on Tuesday ruled out the risk of stagflation for India, saying the economy is better placed than other nations. Stagflation is the phase when an economy faces moderation in GDP growth as well as high inflation. "Compared to the experience of many developed and developing countries, India is somewhat better placed and...

-Business Standard Since wheat export was banned on May 13, the government has been cracking down on exporters who are waiting to have their orders cleared on the basis of invalid LCs Serving a warning to unscrupulous wheat exporters, the government on Monday said if after a probe it was found they had issued post-dated letters of credit (LCs), they would be proceeded against under the Foreign Trade Act. It can take help...

-PTI/ Business Standard The lowering of estimates has been attributed to "early summer" The government has revised downwards the estimate for wheat production by 5.7 per cent to 105 million tonnes in the 2021-22 crop year ending June from the earlier projection of 111.32 million tonnes, as the crop productivity has been affected due to the early onset of summer. Addressing a press conference, Food Secretary Sudhanshu Pandey said the agriculture ministry has...

 -PTI/ Business Standard The government will not increase retail prices of urea and also provide adequate subsidies to ensure that the maximum retail prices of non-urea fertilisers remain at the present level, sources said India's fertiliser subsidy bill is likely to shoot up by 55 per cent to record Rs 2.5 lakh crore this fiscal as the government will provide additional funds to make up for the spike in cost from higher...