Want to know what is going on in the agricultural sector of India? Here’s a round-up of the top 10 news.
1. India’s Basmati Rice Exports Hit 4-Year Low
India’s basmati rice exports plunged to fifth from a year ago to the lowest level in four years in 2021 as top buyer Iran slashed purchases after its rupee reserves dwindled. The country’s basmati rice exports in 2021 fell 20% from a year ago to 40 lakh tonnes, the lowest since 2017, according to government data. Shipments to Iran, the biggest buyer of India’s basmati rice, plunged 26% from a year ago to 834,458 tonnes. Read more here.
2. Pulses Importers Land In Trouble
Pulses importers have landed in trouble following the government’s notification to restrict the import of moong beans with immediate effect. Earlier, the import of moong beans was allowed under the “free” category subject to the bill lading issued by March 31, 2022, and customs clearance by June 30, 2022. Bimal Kothari, vice chairman, India Pulses and Grains Association (IPGA) requested the government to reconsider the notification restricting imports and reinstate the “free” import policy. Read more here.
3. Effective Duty On Crude Palm Oil Slashed To 5.5%
The government brought down the effective duty on crude palm oil import to 5.5% from 8.25% earlier, a move that will help control cooking oil prices and support domestic processing companies. Basic customs duty is already nil on crude palm oil (CPO) and now the Central Board of Indirect Taxes and Customs (CBIC) through a notification has cut the agri infra development cess to 5% from 7.5%, effective from February 13. Read more here.
4. Centre Proposes Law To Control Distribution, Price, Quality Of Fertilisers
The Centre has proposed a law that empowers it to fix the maximum selling price of fertilizers and control its quality as well as distribution. The Department of Fertilizers has sought comments from all stakeholders on the draft Integrated Plant Nutrition Management Bill, 2022, by February 26. It is declared that it is expedient in the public interest that the Union should take under its control the distribution, price, and quality of standards of fertilizers. Read more here.
5. Thailand To Offer Competition To India In Rice Exports
Thailand’s rice output is expected to rebound from the lows observed in 2019 and 2020, providing severe competition to India in the global rice market this year. In the parboiled rice section of the market, it is India’s lone competitor. Thailand’s rice production is expected to reach 2.08 crore tonnes in 2021-22, up from 1.88 crore tonnes in 2020-21, according to the US Department of Agriculture. At the moment, Indian parboiled rice with 5% broken grains costs $370-376, whereas Thailand charges $395. Read more here.
6. Assam’s Speciality Tea Auctioned At Record Price
A specialty tea from the Dibrugarh district of Assam was auctioned for ₹99,999 per kg, setting a new high price for the state for the second time in two months. AFT Techno Trade’s ‘Golden Pearl’ tea was auctioned off at the Guwahati Tea Auction Centre (GTAC). GTAC Secretary Priyanuz Dutta told PTI that “Assam Tea Traders purchased one kg of the specialty tea for ₹99,999. The handcrafted delicate type of tea was grown in Nahorchukbari in Lahowal, near the Dibrugarh airport. Read more here.
7. Sugar Shipments Jump To 31.5 Lakh Tonnes
India’s sugar exports in the first four months of the sugar season 2021-22 have jumped 242% on robust demand. Shipments during the October-January period stood at 31.5 lakh tonnes as compared to 9.2 lakh tonnes in the same period last year, according to the Indian Sugar Mills Association (ISMA), the apex trade body. So far, Indian exporters have contracted approximately 50 lakh tonnes of sweeteners for export. Furthermore, it has been reported that over 8 lakh tonnes of sugar are on their way to being exported in February 2022. Read more here.
8. New Zealand To Help J&K Govt. Double Farm Produce
New Zealand on February 9 became the second foreign country to work with the J&K government after the UAE and pledged to help “in doubling produce in the farming sector” of the Union Territory. The J&K government signed a Memorandum of Cooperation (MoC) “for transforming the sheep farming sector in the UT”. The virtual signing ceremony with Mischa Mannix-Opie, Executive Director, New Zealand G2G, was presided over by J&K Lieutenant Governor Manoj Sinha at the Raj Bhavan. Read more here.
9. Soyameal Exports Fell By 64%
Soyameal exports fell 64% between October and January due to lower crushing and price disparities, according to the Soyabean Processors Association of India (SOPA). Soyameal exports were 3.62 lakh tonnes in the first four months of the oil year 2021-22 (October-September), compared to 10.03 lakh tonnes in the same period last year. Furthermore, due to a decrease in soyabean availability, soyameal production has decreased by around 40%. Read more here.
10. ChargeERP Launched An Independent Seller Bill Feature
ChargeERP, the easiest, fastest, and most secure mandi accounting software from Bijak has introduced an independent ‘Seller Bill’ tab to address the on-ground needs of commission agents. Along with this, they are offering ‘Bill Sundry’ and ‘Sales Expenses’ customization feature which will be available in the ‘Settings’ section of this mandi accounting software. Commission agents will now be able to customize expenses and other charges, charged to Suppliers and Customers.