The gems and jewellery industry in the country is expecting gold prices to be volatile during 2020, as the hostility between the US and Iran may continue this year. Notwithstanding the price volatility, the industry hopes that various forms of government support may help it grow 10 per cent in terms of volume during the year as […]
The death of Iran’s most powerful military commander could send jitters to India’s multi-billion dollar basmati rice export industry, reports Financial Express. With dues soaring over Rs 800-900 crore, industry insiders have said that the news of the assassination of Qassem Soleimani could make matters worse for an industry which sent one-third of its total shipments […]
To prevent the repeat of this year’s onion crisis, the Centre has decided to create a buffer stock of 1 lakh tonnes of the key kitchen staple in 2020, a senior government official said on Monday, as per PTI reports. The government had created a buffer stock of 56,000 tonnes for the current year but […]
Onion growers and traders in Nashik district — the onion belt in Maharashtra — will soon approach the Centre with a plea to remove the stockholding limits in the wake of increasing arrivals in the markets. NAFED director Nanasaheb Patil told Financial Express a meeting is slated to be held with Nashik’s district collector along […]
India exported about 37 lakh tonne of sugar in the 2018-19 marketing year ended September to clear the surplus stock, the government told the Rajya Sabha last week. Union minister Danve Raosaheb Dadarao said sugar mills were advised to export sugar as per their MIEQ (Minimum Indicative Export Quota) allocation. “With a view to evacuate surplus sugar […]
With onion prices continuing to rise above Rs 100 per kg, the government of India has extended prohibitions on traders from the stocking of edible bulb across the country for an indefinite period to check price rise. Separately, Food and Consumer Affairs Minister Ram Vilas Paswan did not say by when prices of onion will […]
The Indian government is considering cutting reserve price of rice by almost Rs 500 per quintal for bulk buyers to boost its sale through open market. India is sitting on a huge buffer stock of rice. FCI, the government’s nodal agency for procurement and distribution of foodgrains, has 23.1 million tonnes of rice and 37.3 […]
The government last week informed the Parliament that “no instances of illegal cultivation of genetically modified (GM) herbicide-tolerant (HT) cotton have come to notice.” “As per state government of Maharashtra, no instances of illegal cultivation of GM cotton (HT) have come to notice. However some cases of sale of illegal Bt cotton seeds (HT-Bt) have […]
The hike in import duty for gold from 10 per cent to 12.5 per cent, along with 3 per cent GST, has taken the total tax on gold to 15.5 per cent, providing potential stimulus to smuggling. Bullion analysts estimate that a staggering 200 tonnes of the precious metal would make its way into the […]
The government of India has allowed export of bio-fuels from special economic zones (SEZs) and export-oriented units (EoUs) with certain conditions, according to a notice of the directorate general of foreign trade. In August 2018, the government had imposed restrictions on export of bio-fuels for non-fuel purposes. After this restriction, exporters operating from SEZs and […]
