Mayank's Feed
Jan 22, 2015

Modi-picked panel wants India to get nimble on grains exports

NEW DELHI (Reuters) – India needs to become more nimble in allowing wheat and rice exports from overstocked government silos if it wants to cut waste and get the best price for its grains, a panel appointed by Prime Minister Narendra Modi recommended.

Despite stocks that are often more than double the government’s target, India exports only about 10 percent of its wheat and rice output of 195 million tonnes.

Jan 14, 2015

India eyes wheat exports, but cheap European supplies pose challenge

SINGAPORE/NEW DELHI (Reuters) – A rally in global wheat prices and a looming tax on Russian exports have set the stage for a resumption in India’s overseas sales, although cheaper European supplies could provide stiff competition to the South Asian nation.

Exports by the world’s No.2 wheat producer after a six-month gap could cap benchmark wheat prices which soared 20 percent in the past quarter on worries over Russian supplies.

Jan 8, 2015

India considering higher subsidies for raw sugar exports

NEW DELHI (Reuters) – The cabinet could soon approve an increase in the raw sugar subsidy paid to mills to about 4,000 rupees ($64) per tonne as it looks to cut large stockpiles, two government sources with direct knowledge of the matter told Reuters.

India, the world’s biggest producer behind Brazil, paid a subsidy of 3,300 rupees to produce and export raw sugar in the season that ended in September.

Dec 25, 2014

Government raises edible oil import taxes to protect local farmers

NEW DELHI (Reuters) – Government has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports from Malaysia and Indonesia.

In an order made public on Thursday, it said the import tax on the crude variety of vegetable oil would rise to 7.5 percent from 2.5 percent, while that on refined oil would rise to 15 from 10 percent with immediate effect.

Dec 25, 2014

India raises edible oil import taxes to protect local farmers

NEW DELHI, Dec 25 (Reuters) – India has raised the import
tax on crude edible oils and refined oils by 5 percentage points
each to protect local farmers from rising imports from Malaysia
and Indonesia.

In an order made public on Thursday, New Delhi said the
import tax on the crude variety of vegetable oil would rise to
7.5 percent from 2.5 percent, while that on refined oil would
rise to 15 from 10 percent with immediate effect.

Dec 8, 2014

Modi looks to Bihar for future of farming

PURNIA, India (Reuters) – From his sleepy village in Bihar, Ram Narain arrives at Gulab Bagh market to sell a truckload of corn that will fetch him enough money to buy a motorbike for his son, school uniforms for his daughter and a gift for his wife.

Narain and legions of farmers in the dirt-poor state have more than doubled corn output in just five years by adopting hybrid seeds and good farm practices, a rare success story Prime Minister Narendra Modi wants to replicate in other states. He came to power six months ago by promising faster farm and economic growth.

Dec 7, 2014

Indian PM looks to eastern state for future of farming

PURNIA, India, Dec 8 (Reuters) – From his sleepy village in
eastern India’s Bihar state, Ram Narain arrives at Gulab Bagh
market to sell a truckload of corn that will fetch him enough
money to buy a motorbike for his son, school uniforms for his
daughter and a gift for his wife.

Narain and legions of farmers in the dirt-poor state have
more than doubled corn output in just five years by adopting
hybrid seeds and good farm practices, a rare success story Prime
Minister Narendra Modi wants to replicate in other states. He
came to power six months ago by promising faster farm and
economic growth.

Nov 25, 2014

Asia Sugar-China contracts to import Thai raws, Indonesia could buy whites

NEW DELHI, Nov 25 (Reuters) – China has contracted to import
about 140,000 tonnes of Thai raw sugar and Indonesia is
exploring opportunities to buy some whites, or the refined
variety, from Bangkok but overall trade continued to be sluggish
in the region.

Thai raw sugar discounts remained unchanged and there was no
bid for J-spec, the low-quality Thai raws favoured by Japanese
buyers. But premiums for Thai whites rose marginally.

Nov 12, 2014

Food ministry recommends raising edible oil import taxes

NEW DELHI (Reuters) – India’s food ministry wants to double the import tax on crude edible oils and raise that on refined oils by 50 percent, but is waiting for other ministries to give their views before passing its recommendation to the cabinet, the food minister said.

The world’s biggest vegetable oil importer levies a 2.5 percent tax on the crude variety and 10 percent on refined. It imports nearly 60 percent of its 18-19 million tonnes annual demand, mostly as palm oil from top producers Indonesia and Malaysia.

Nov 12, 2014

India’s food ministry recommends raising edible oil import taxes

NEW DELHI, Nov 12 (Reuters) – India’s food ministry wants to
double the import tax on crude edible oils and raise that on
refined oils by 50 percent, but is waiting for other ministries
to give their views before passing its recommendation to the
cabinet, the food minister said.

The world’s biggest vegetable oil importer levies a 2.5
percent tax on the crude variety and 10 percent on refined. It
imports nearly 60 percent of its 18-19 million tonnes annual
demand, mostly as palm oil from top producers Indonesia and
Malaysia.

    • 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."
    • Follow Mayank