Agriculture
India looking beyond conventional markets to export wheat
"India is in final talks to start wheat export to Egypt, while discussions are going on with countries such as Turkey, China, Bosnia, Sudan, Nigeria, Iran, etc to start wheat export," a meeting of the stakeholders called by the Agricultural and Processed Food Products Export Development Authority (APEDA) was informed. The export of wheat recorded a huge surge at $1,742 million during April-January 2021-22.
Wheat exports gets fresh push as war unsettles global supply dynamics
Even though India's wheat exports were robust in FY22, riding on a possible supply disruption of foodgrains -- especially wheat -- as the tensions between Russia and Ukraine turned into a full-blown war, export demand has got a fresh push. The stumbling block, though, is the traditional opposition from western nations within the World Trade Organisation (WTO) to wheat exports from India because they consider the Minimum Support Price for food grains guaranteed by the government a subsidy that goes against the principles upheld by the WTO.
World food prices in Feb at all-time high
The benchmark gauge for world food prices went up in February, reaching an all-time high, led by vegetable oils and dairy products, the UN's Food and Agriculture Organization (FAO) said. The FAO Food Price Index averaged 140.7 points in February, up 3.9 per cent from January, 20.7 per cent above its level a year earlier, and 3.1 points higher than reached in February 2011.
Domestic wheat prices hit fresh high on export demand
Prices of wheat in India hit a fresh lifetime high on Friday due to a strong export demand for the foodgrain. The ongoing war between Russia and Ukraine is expected to reduce supply as both the countries are major producers of wheat. In the key market of Indore in Madhya Pradesh, the foodgrain was sold at Rs 2,400-Rs 2,500 per quintal (100 kg) on Friday as against Rs 2,400 the previous day.
Shot in the arm for wheat traders as domestic prices hit lifetime high
Riding on a possible supply disruption of foodgrains - especially wheat -- due to the ongoing war in Ukraine, wheat's prices have hit a record high in India. Both Russia and Ukraine are major producers of wheat. In the key market of Madhya Pradesh's Indore, the foodgrain was sold at Rs 2,400 per quintal against Rs 2,000-2,100 until recently.
India invites Agri Start Ups, FPOs at EXPO2020 Dubai
Additional Secretary, Ministry of Agriculture & Farmers Welfare, Dr Abhilaksh Likhi assured the Start Ups and Farmer Producer Organisations (FPOs) that they would be considered for providing equity grants, management costs, and other available support measures.Dr Likhi was speaking at the inauguration of 'Food, Agriculture and Livelihood' fortnight at the India Pavilion in EXPO2020 Dubai on Thursday.
40% tariff lines saw increase in import duties in last five years
In a post-Budget report, Credit Suisse said 2020 saw fall in import duties, mainly for agriculture, textiles, metals and autos. Several sectors have been on the government radar for a while, as seen in the imposition or hiking of import duties over the past few years. It added that much of the increase in FY22 spending was from spending induced by the pandemic: Food subsidy, NREGA spending and vaccines. Some, like higher fertiliser subsidy, should also roll off.
Rs 2.37 cr provision for direct payment of MSP
"The procurement of wheat in Rabi 2021-22 and the estimated procurement of paddy in Kharif 2021-22 will cover 1,208 lakh metric tonnes (LMT) of wheat and paddy from 163 lakh farmers. A whopping Rs 2.37 lakh crore will be credited as direct payment of minimum support price (MSP) value to their accounts," Finance Minister Nirmala Sitharaman announced in her Budget speech.
'Agriculture sector was least affected by lockdowns'
Sanjeev Sanyal said this while responding to questions on the economic rebound in the post-pandemic era. His optimism is seconded by the economic survey data, as during both the lockdown period, the agriculture sector was seen as the least affected sector among others. The economic survey 2021-22 says that the gross value added (GVA) growth in the agriculture sector did not have a negative trend even during the pandemic time.
Budget FY23: Kotak Securities sees incentives on agri commodities value addition
Five states set to go for Assembly polls is another reason why the agriculture sector could be in focus during the Budget. "Committed to increasing farmers' income, the government of India can come up with various plans in Budget 2022-23 in spite of the recent withdrawal of three farm laws late last year," it said. Further, it is expected that the Centre may announce something in order to achieve self-reliance in edible oil and pulses.
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