Record wheat and barley harvests seen lifting world grains output by 40 million tonnes in 2019/20

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Record harvests of wheat and barley are expected to outweigh a poorer maize crop to lift world total grains — wheat and coarse grains — production by 40m t in 2019/20, to 2,177m, only modestly below the all-time peak in 2016/17, the International Grains Council (IGC) said in its latest monthly report. Consumption is forecast to climb […]

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India looks to boost “Blue Economy” by focusing on fisheries for higher economic growth

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The Pradhan Mantri Matsya Sampada Yojana (PMMSY) aims to enhance fish production to 220 lakh metric tons by 2024-25 from 137.58 lakh metric tons in 2018-19 at an average annual growth rate of about 9 per cent. The Union Minister for Fisheries, Animal Husbandry and Dairying, Shri Giriraj Singh, today said the ambitious scheme will result in doubling export […]

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Fitch Ratings makes further cuts to global GDP forecasts, but says global recession bottoming out; India decline seen at 5%

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Fitch Ratings said it was making further cuts to world GDP forecasts in its latest Global Economic Outlook (GEO), but added that the slump in global economic activity was close to reaching its trough. “World GDP is now forecast to fall by 4.6% in 2020 compared to a decline of 3.9% predicted in our late-April […]

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India says to open up coal sector, mineral mining to boost production

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India announced major reforms for its coal sector in its efforts to attract more investments to boost domestic production at a time when the country is a net importer of coal despite having the world’s fourth-largest deposits. Finance Minister Nirmala Sitharaman told reporters that there was an urgent need to reduce import of substitutable coal […]

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Gold prices rise above Rs 46,000 as US Fed warns of recession; WGC predicts a slow recovery

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Gold prices climbed up after US Federal Reserve Chair Jerome Powell warned of a prolonged recession for the US economy due to COVID-19, which supported yellow metal prices. Powell also hinted that the US central bank will have a negative interest-rate policy which is off-base, but vowed to prop up the virus-hit economy. On MCX […]

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INTERVIEW – India hopeful of reaching close to its sugar export target despite COVID-19, says ISMA

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The Indian sugar industry is hopeful of reaching close to this year’s sugar export target, according to the Indian Sugar Mills Association (ISMA), Ritwik Sinha reports. Indian sugar millers expect exports to come in just short of the target set at the beginning of the season despite challenges posed by the national lockdown and a […]

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Oil futures plunge below zero as prices collapse to two-decades low on lack of demand

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Oil prices collapsed to more than two-decade lows as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. The May futures contract for West Texas Intermediate (WTI), which represents the US’ shale […]

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India says minimal disruption to farming due to lockdown, 67 percent of sown wheat harvested

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India, preparing to partially reopen parts of its economy after a COVID-19 triggered national lockdown, said there had been a minimal impact on harvesting and sowing of crops in the four weeks the country has been shut. The Agriculture Ministry said in a statement that there were enough farmers in the fields as the central […]

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