Mayank's Feed
Jul 27, 2015

India to reinstate wheat import duty after big deals

NEW DELHI (Reuters) – India has decided to introduce an import duty of 10 percent on wheat after a gap of eight years, government sources said on Monday, after senior civil servants met to discuss ways to curb overseas purchases when domestic stocks are ample.

Last month some private firms signed deals to import 500,000 tonnes of high-protein Australian wheat in the biggest such purchases in more than a decade that led to criticism Prime Minister Narendra Modi’s government was letting down farmers.

Jul 14, 2015

Iran deal could help India boost exports by over a third -trade body

NEW DELHI, July 14 (Reuters) – India’s exports to Iran could
jump by over a third to $6 billion this fiscal year as an easing
of sanctions against Tehran would help boost sales of
agricultural commodities though competition for non-farm items
would rise, a leading trade body said.

Iran has been buying most of its basmati rice and sugar from
India in the past few years using rupees for its oil due to
restrictions on its dollar trades. On Tuesday, Iran and six
major world powers reached a deal that will see the Islamic
nation curbing its nuclear programme that the West has suspected
was aimed at a nuclear bomb.

Jun 23, 2015

India signs biggest wheat import deals in over a decade – trade sources

NEW DELHI (Reuters) – Indian flour millers and the local units of global trading giants have sewn up deals to import 500,000 tonnes of premium Australian wheat since March, trade sources said, the biggest such purchases in over a decade, despite surplus stocks at home.

Concerns that untimely rains in February and March would cut wheat output, especially of high-protein varieties grown in central India, first drove flour millers in the country’s southern ports to place the orders.

Jun 15, 2015

Drought may hit rural economy, aggravating poverty

MATHURA (Reuters) – India’s farm economy could contract this fiscal year for the first time in over a decade because of drought, threatening Prime Minister Narendra Modi’s drive to lift millions in the countryside out of poverty and bolster his party’s support.

Roughly half of India’s farmland lacks irrigation and relies on monsoon rain, but this year’s rainfall is officially forecast to be only 88 percent of the long-term average and, for the first time in nearly three decades, farmers face a second straight year of drought or drought-like conditions.

Jun 15, 2015

Drought may hit rural Indian economy, aggravating poverty

MATHURA, India (Reuters) – India’s farm economy could contract this fiscal year for the first time in over a decade because of drought, threatening Prime Minister Narendra Modi’s drive to lift millions in the countryside out of poverty and bolster his party’s support.

Roughly half of India’s farmland lacks irrigation and relies on monsoon rain, but this year’s rainfall is officially forecast to be only 88 percent of the long-term average and, for the first time in nearly three decades, farmers face a second straight year of drought or drought-like conditions.

Jun 7, 2015

India seeks damages from Nestle after noodle scare: government sources

NEW DELHI (Reuters) – India’s government has filed for damages from food group Nestle after a food scare involving reports of excess lead in Maggi noodles forced a nationwide recall, government officials said on Sunday.

“It’s a serious matter concerning public health and the law allows us to take suo moto legal steps, or legal actions, against erring entities,” said one official in the consumer affairs department of the food ministry.

Jun 7, 2015

India seeks damages from Nestle after noodle scare – govt sources

NEW DELHI (Reuters) – India’s government has filed for damages from food group Nestle after a food scare involving reports of excess lead in Maggi noodles forced a nationwide recall, government officials said on Sunday.

“It’s a serious matter concerning public health and the law allows us to take suo moto legal steps, or legal actions, against erring entities,” said one official in the consumer affairs department of the food ministry.

Jun 3, 2015

India’s annual farm output down, fears of drought this year

NEW DELHI (Reuters) – India’s farm sector shrank for the first time in five years in the year ended March 31, Farm Minister Radha Mohan Singh said on Wednesday, a day after the government forecast a likely drought this year that could hit output again.

India’s weather office cut this year’s monsoon forecast on an El Nino weather pattern that has raised fears of the first drought in six years.

Jun 2, 2015

Modi’s income insurance idea may not win over angry farmers

NEW DELHI (Reuters) – Prime Minister Narendra Modi plans to provide millions of farmers with income insurance linked to crop prices, officials say, but it may not do much to ease rural distress, with small farmers standing to benefit little and likely to be put off by bureaucracy.

Modi’s Bharatiya Janata Party, which swept to office a year ago, hopes to consolidate its power in local elections in large rural states over the next two years, but anger is growing after rain and hailstorms ravaged farms in the north, contributing to the suicide of hundreds of ruined farmers.

Jun 2, 2015

Modi’s income insurance idea may not win over angry Indian farmers

NEW DELHI, June 3 (Reuters) – Indian Prime Minister Narendra
Modi plans to provide millions of farmers with income insurance
linked to crop prices, officials say, but it may not do much to
ease rural distress, with small farmers standing to benefit
little and likely to be put off by bureaucracy.

Modi’s Bharatiya Janata Party, which swept to office a year
ago, hopes to consolidate its power in local elections in large
rural states over the next two years, but anger is growing after
rain and hailstorms ravaged farms in the north, contributing to
the suicide of hundreds of ruined farmers.

    • About Mayank

      "At Reuters, I have been covering India's vibrant and burgeoning commodities market since September 2006. Before joining Reuters, I helped NEWSWIRE18 (formerly CRISIL MarketWire), India's first and only real-time news agency, launch its commodity wire. NW18 is part of India's Network18 group which runs CNBC news channel. Between 2000 and 2005, I covered leading car and consumer durable companies for the Press Trust of India, the country's premier news agency."
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