Mayank's Feed
Aug 18, 2015

Modi to bet $1.5 billion on palm oil plan as imports surge

NEW DELHI (Reuters) – India plans to spend $1.5 billion in the next three years to help farmers grow oil palm trees in an area the size of New Jersey, government sources said, with Prime Minister Narendra Modi pushing to make the nation self-sufficient in edible oils this decade.

Modi is targeting India’s $10 billion import bill for edible oils, its third-highest overseas spend after oil and gold, and has already been considering buying oilseeds directly from farmers and boosting government support for growing rapeseed, soybeans and peanuts.

Aug 18, 2015

India’s Modi to bet $1.5 billion on palm oil plan as imports surge

NEW DELHI (Reuters) – India plans to spend $1.5 billion in the next three years to help farmers grow oil palm trees in an area the size of New Jersey, government sources said, with Prime Minister Narendra Modi pushing to make the nation self-sufficient in edible oils this decade.

Modi is targeting India’s $10 billion import bill for edible oils, its third-highest overseas spend after oil and gold, and has already been considering buying oilseeds directly from farmers and boosting government support for growing rapeseed, soybeans and peanuts.

Aug 12, 2015

India hits Nestle with $99 mln lawsuit after noodle scare

MUMBAI/ NEW DELHI (Reuters) – The Indian government has
filed a lawsuit against Swiss food firm Nestle’s
Indian unit, seeking 6.4 billion rupees ($99 million) in damages
on behalf of consumers after the country’s worst packaged food
scare in a decade.

Nestle, the first foreign firm in India to face a similar
damages claim, is already weathering its worst public relations
crisis in the country to date, after regional food safety
regulators reported finding excess lead in its popular Maggi
noodles, a result the company disputes.

Aug 7, 2015

India to impose import duty of 10 percent on wheat

NEW DELHI (Reuters) – India will impose an import duty of 10 percent on wheat until March 31 next year, Finance Minister Arun Jaitley said on Friday, reinstating tariffs after a gap of eight years following big overseas purchases in recent months.

Reuters reported last week that a decision had been taken after officials from the ministries of farm, food, trade and finance met to discuss ways to curb imports at a time when domestic stocks are ample thanks to seven years of bumper harvests aided by government subsidies.

Aug 7, 2015

India restores wheat tariff after big imports

NEW DELHI, Aug 7 (Reuters) – India will impose an import
duty of 10 percent on wheat until March 31 next year, Finance
Minister Arun Jaitley said on Friday, reinstating tariffs after
a gap of eight years following big overseas purchases in recent
months.

Reuters reported last week that a decision had been taken
after officials from the ministries of farm, food, trade and
finance met to discuss ways to curb imports at a time when
domestic stocks are ample thanks to seven years of bumper
harvests aided by government subsidies.

Aug 5, 2015

India likely to bring in rules to make mills export sugar stocks-sources

NEW DELHI, Aug 5 (Reuters) – India is likely to bring in
rules to make it compulsory for sugar mills to export millions
of tonnes of surplus supplies to support local prices, sources
said, in a move that could quell growing anger among farmers but
add to a glut on global markets.

A final decision rests with Prime Minister Narendra Modi,
who discussed the politically sensitive issue at a weekend
meeting with ministers, officials and sugar mill bosses, said
the two government sources.

Aug 5, 2015

Exclusive: India likely to bring in rules to make mills export sugar stocks – sources

NEW DELHI (Reuters) – India is likely to bring in rules to make it compulsory for sugar mills to export millions of tonnes of surplus supplies to support local prices, sources said, in a move that could quell growing anger among farmers but add to a glut on global markets.

A final decision rests with Prime Minister Narendra Modi, who discussed the politically sensitive issue at a weekend meeting with ministers, officials and sugar mill bosses, said the two government sources.

Jul 31, 2015

India to buy oilseeds from farmers in bid to slash imports

NEW DELHI (Reuters) – India is to buy oilseeds and pulses directly from farmers for the first time this year, in addition to its existing purchases of wheat and rice, to boost production and close a supply gap that has driven its annual import bill up to $12 billion.

India is the world’s biggest consumer of edible oils and Prime Minister Narendra Modi wants to make it self-sufficient in five years. He has identified price support and guaranteed purchases as the best ways to achieve that goal, senior government sources told Reuters.

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.

    • 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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