EGoM Likely To Meet To Consider Allowing Further Exports Of Sugar And Non-Basmati Rice (07-Feb-2012)
A panel of Empowered Group of Ministers (EGoM), headed by the Finance Minister, Pranab Mukherjee, is likely to meet soon to consider allowing further exports of sugar and non-basmati rice and also to review the export situation of onion and edibile oil.
India is the second largest producer and the largest consumer of sugar. So far the government has allowed exports of 1 million tones keeping in view higher domestic production. Sugar output in India is estimated at 24.5 million tonnes this season, as against annual demand of 21.5 million tonnes. Indian millers however expect India to produce 26 million tonnes of sugar in 2011-12, and say annual domestic sugar consumption stands at around 22 million tonnes. Therefore they have been demanding exports of an additional two million tonnes of sugar for this year.
Apart from sugar exports, the EGoM will also take a decision regarding increasing the export cap of non-basmati rice upto four million tonnes due to high stocks following a good crop. So far, 2.3 million tonnes of the grain has been shipped since the government lifted the ban on the commodity in September, 2011. Also the Food Ministry is expected to look into the proposal of Commerce Ministry of either reducing or scrapping the minimum export price (MEP) of basmati rice and onion. The Commerce Ministry has suggested that the MEP of basmati be reduced to 700 a tonne, from the current 900 a tonne, or be totally scrapped to encourage exports. On onion too, it has suggested either to scrap or bring down the export price.
Recently, the government slashed the onion MEP to boost exports. Onion exports from India declined by nearly 23% to 1.03 million tonnes in the first nine months of the current fiscal, as against the year-ago, due to the higher MEP. Consequently, the MEP of onion was reduced to USD 150 per tonne from USD 250 per tonne, barring premium varieties Bangalore Rose and Krishnapuram, whose export price was brought down by USD 50 to USD 250 per tonne. India, the second-largest onion producer in the world, exported 1.34 million tonnes of onions last fiscal. The country's onion production is estimated at 15.13 million tonnes in the 2011-12 crop year (July-June).
Other proposals include extension of period for export of edible oils in small pack, export of 2,650 tonnes non-basmati rice to Yemem under World Food Programmme at economic cost, shipment of non-basmati rice via land route along Indo-Bangladesh and Indo-Nepal border through state-run agencies STC, NCCF and NAFED.
Top News Today
 National Thermal Power Corporation (NTPC) will be signing the fuel supply agreements' (FSA) with Coal India for 4,300 megawatts on 2009 terms. In these FSAs companies have change trigger level, which has
 After cellular market leader Bharti Airtel launched its 4G services, now Reliance Industries is reportedly gearing up to launch the services soon and has accordingly partnered with Himachal Futuristic
 Wipro's IT, consulting and outsourcing business Wipro Technologies is likely to introduce India Gateway internship programme for UK university students in July 2012. This internship program consists of
|
International Stock News
 US markets got a good bounce back on Monday with all major indices gaining more than 1%, it was one of the best session of the month. There was some M&A activity along with report that Chinese government
 US markets declined further on Friday, making it the worst week for the markets in 2012, as the most awaited Facebook (FB) IPO was only able to muster a slight gain in its public debut, while the eurozone
 Thursday proved another bad day for the US markets with major indices losing over one to two percent as eurozone debt contagion worries continued, coupled with disappointing economy news. A read on manufacturing
|
|
|