Posts Tagged ‘sugarcane price’

Controversial Sugarcane Law Gets Parliament Nod

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Controversial Sugarcane Law Gets Parliament Nod

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Controversial sugarcane law gets Parliament nod:

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Parliament today passed a bill that introduces a new sugarcane price regime.

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This was done after government allayed concerns of Opposition that the states will not be required to pay the difference between the Central and the State Advised Price to farmers.

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The Rajya Sabha passed the Essential Commodities (Amendment and Validation) Bill which had already been approved by the Lok Sabha last week.

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Instead of Statutory Minimum Price (SMP) the Central benchmark would be the Fair and Remunerative Price (FRP).

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The Bill replaces the October 21 Ordinance which had led to protests among sugarcane farmers and political parties against obligation sought to be put on the state governments if they chose to pay higher price than FRP.

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The new law would also enable the government to pre-empt the sugar industry’s claim of about Rs 14,000 crore on it on account of levy price fixation.

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In Other major Commodities Updates we can read that Palm oil jumped to the highest level in more than six months after crude oil rose for the first time in 10 day.

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Palm oil jumps to 6-month high as crude oil ends fall:

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Palm oil jumped to the highest level in more than six months after crude oil rose for the first time in 10 days, boosting prospects of the vegetable oil being used as a biofuel.

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Oil snapped the longest decline since 2001 on Tuesday.

As the Federal Reserve said that output at plants, mines and utilities rose 0.8 per cent in November,the fourth increase in five months.

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Palm oil has surged this year on rising demand from India and China, the biggest consumers.

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Stockpiles fell 2 per cent to 1.93 million tonnes from a 10-month high in October, the Malaysian Palm Oil Board said December 10.

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Govt Decides Against Rice Imports

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Govt Decides Against Rice Imports

Govt decides against rice imports:

In a calculated move to signal categorically to the world market that India was not in a desperate situation with respect to rice, the government said on Friday that it will not import rice for now.

The immediate implication of this move is that retail prices of rice, up 15 per cent over last year, will remain firm at least until early next year.

Rice output is estimated to have dropped 15 million tonnes due to poor monsoons this kharif.

The government has, over the last two days, put in place strictures that will force traders to report purchases of more than 10,000 tonnes of rice in a bid to check prices.

Punjab has also imposed stock holding limits on traders and millers for both rice and pulses.

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In Other major Commodities Updates we can see how Government has bowed down to demands of Farmers after their mass protest in capital this week.

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Government to amend new sugarcane price rule:

The government on Friday said it would amend a new sugarcane pricing rule, bowing to protests held in the capital by farmers demanding higher prices for their produce.

The government would delete the contentious part of the new cane pricing rule, Railways Minister Mamata Banerjee told reporters after a meeting of senior ministers.

Cane farmers believe the new cane price rule, which puts the onus on state governments if they decide to raise the cane floor rates fixed by the federal government, will curtail their bargaining power.

Earlier, Farmers from Uttar Pradesh (UP) state in northern India, which produces almost half of the country’s cane, have been on warpath for about three weeks to press for higher prices, forcing Prime Minister Manmohan Singh to consider changes in fixing cane prices.

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