-PTI/ The Tribune Says out of total imports, maximum is spent on edible oils, fertilisers and crude oil New Delhi: Prime Minister Narendra Modi on Monday expressed concern over India’s high import bill for edible oil, fertilisers and crude oil, and said there is a need to work in a mission mode to make the country self-reliant and reduce import dependence. With international energy prices soaring after the Russia-Ukraine War, India will spend...
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Government to launch oilseed mission -Gireesh Chandra Prasad
-Livemint.com The government had to lower the import duty on edible oils several times in recent months to tame food inflation NEW DELHI: The government is set to launch an oilseed mission to boost domestic production of oilseeds and reduce import dependence, said NITI Aayog member, agriculture, Ramesh Chand. India currently makes around ₹1 trillion worth of edible oil imports every year or nearly half of its demand. The proposed scheme was devised after...
More »Why volatile food prices will keep the heat on India’s consumer inflation level this year -Radhika Pandey
-ThePrint.in Lower rainfall in some parts of the country is expected to keep food prices elevated in the coming months. Which means inflation will be above 6%. India’s retail inflation surged to 7 per cent in August from a five-month low of 6.7 per cent in July. Food, which accounts for nearly half of the Consumer Price Index (CPI) basket, grew 7.62 percent as against 6.69 per cent in July. While the...
More »Food items keep WPI up at 12.4 per cent
-The Telegraph There has been a pick-up in the prices of vegetables, fruits, eggs, meat and fish and cereals mostly because of erratic rains Wholesale price index-based (WPI) inflation eased to a 11-month low of 12.41 per cent in August on softening in the prices of manufactured and fuel products even as food items remained expensive. Although WPI inflation declined for three consecutive months in August, it remained in double digits for...
More »Edible oil makers urge for lifting of futures trade ban on crude palm oil and soy oil on commodity exchanges -Sandip Das
-Financial Express SEA has stated that the ban on futures trade has deprived importers of hedging their price risks in rupee-denominated soya oil and crude palm oil futures on Indian exchanges. The Solvent Extractors’ Association (SEA) of India, a body of edible oil manufacturers, on Monday demanded lifting of ban on futures trade in soya oil and crude palm oil (CPO) on the commodity exchanges imposed on December, 2021, to ensure risk...
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