Connect with us

Top News

Prices Will Be Reduced Of Edible Oils By Up To Rs 15 Before Festivals

blank

Published

on

blank

Summary

SEA’s executive director BV Mehta said palm oil imports stood at a record 12.62 lakh tonnes in September, the highest since imports were introduced in 1996.

hear the news

The government is making constant efforts to keep the retail prices of edible oils low before the festivals. After fixing the storage limit for edible oils, the basic customs duty on palm, soya and sunflower crude oil was also reduced on Wednesday.

Apart from this, record imports were made in September to improve supply during the festive season. The government has announced to reduce customs duty on edible oils, giving a big relief to the common man before the festivals. Due to this, the price of edible oils of palm, soybean and sunflower will be reduced by up to Rs 15.

Edible oil organization SEA said that imports in September increased by 63 per cent to a record 16.98 lakh tonnes. This is the highest ever import in any single month, in which palm oil has a record share. Earlier, the highest import of edible oil was 16.51 lakh tonnes in October 2015.

The import of non-edible oils also increased by nearly three and a half times to 63,608 tonnes as against 17,702 tonnes in the previous year. The share of palm oil in total oil imports has also increased to 63 per cent from 54 per cent last year.

Fee cut for the fourth time
The government has cut excise and customs duty for the fourth time in the last few months to bring down the prices of edible oils. After the reduction in cess and customs duty on Wednesday, the price of refined palm oil will come down by Rs 8-9 a liter and that of sunflower and soybean oil by Rs 12-15.

The executive director of SEA said, “Usually, international prices go up after the government cuts import duty. In the last one year, edible oil has become costlier by 46.15 per cent in the domestic market. 60 per cent of the total edible oil consumption in the country has to be imported.

Tomato turned red due to inflation, reached Rs 72 a kg
Tomato prices are increasing continuously in metro cities. Retail prices have touched Rs 72 a kg in some cities after rain ravaged crops in Madhya Pradesh and Maharashtra.

The Consumer Ministry said that on Thursday, tomato was selling at Rs 72 per kg in Kolkata, which was being sold at Rs 38 a month ago. In Delhi-Chennai, the price has increased by Rs 30 to Rs 57, while in Mumbai it is Rs 53. However, the retail price of tomato has reached more than Rs 100/kg in many areas of Delhi.

How much did the price increase in a year
edible oil 2020 2021
Soy 106 154.95
Mustard 129.19 184.43
Vegetation 95.5 136.74
Sunflower 122.82 170.09
Palm 95.68 132.06
Source: Ministry of Food, Data: As of 9 October

The central government has announced to reduce customs duty on edible oils, giving a big relief to the common man before the festivals. Due to this, the price of edible oils of palm, soybean and sunflower will be reduced by Rs 15 and the burden of common man’s kitchen will be lightened during festivals. According to the notification of the Central Board of Indirect Taxes and Customs, this reduction in import duty and cess will be applicable from October 14 to March 31, 2022.

The edible oil industry body (SEA) said, the retail prices of cooking oils touching high may come down by up to Rs 15 per liter with this decision.

Apart from this, the Agricultural Infrastructure Development Cess (AIDC) on crude palm, soya and sunflower oils has also been reduced. It will now be 7.5 per cent on crude palm oil and 5 per cent on soybean and sunflower oil. Till now, edible oils attract 20 per cent AIDC and 2.5 per cent customs duty.

Expansion

The government is making constant efforts to keep the retail prices of edible oils low before the festivals. After fixing the storage limit for edible oils, the basic customs duty on palm, soya and sunflower crude oil was also reduced on Wednesday.

Apart from this, record imports were made in September to improve supply during the festive season. The government has announced to reduce customs duty on edible oils, giving a big relief to the common man before the festivals. Due to this, the price of edible oils of palm, soybean and sunflower will be reduced by up to Rs 15.

Edible oil organization SEA said that imports in September increased by 63 per cent to a record 16.98 lakh tonnes. This is the highest ever import in any single month, in which palm oil has a record share. Earlier, the highest import of edible oil was 16.51 lakh tonnes in October 2015.

The import of non-edible oils also increased by nearly three and a half times to 63,608 tonnes as against 17,702 tonnes in the previous year. The share of palm oil in total oil imports has also increased to 63 per cent from 54 per cent last year.

Fee cut for the fourth time

The government has cut excise and customs duty for the fourth time in the last few months to bring down the prices of edible oils. After the reduction in cess and customs duty on Wednesday, the price of refined palm oil will come down by Rs 8-9 a liter and that of sunflower and soybean oil by Rs 12-15.

The executive director of SEA said, “Usually, international prices go up after the government cuts import duty. In the last one year, edible oil has become costlier by 46.15 per cent in the domestic market. 60 per cent of the total edible oil consumption in the country has to be imported.

Tomato turned red due to inflation, reached Rs 72 a kg

Tomato prices are increasing continuously in metro cities. Retail prices have touched Rs 72 a kg in some cities after rain ravaged crops in Madhya Pradesh and Maharashtra.

The Consumer Ministry said that on Thursday, tomato was selling at Rs 72 per kg in Kolkata, which was being sold at Rs 38 a month ago. In Delhi-Chennai, the price has increased by Rs 30 to Rs 57, while in Mumbai it is Rs 53. However, the retail price of tomato has reached more than Rs 100/kg in many areas of Delhi.

How much did the price increase in a year

edible oil 2020 2021

Soy 106 154.95

Mustard 129.19 184.43

Vegetation 95.5 136.74

Sunflower 122.82 170.09

Palm 95.68 132.06

Source: Ministry of Food, Data: As of 9 October

read ahead

Edible oil will be cheaper by Rs 15, the government has reduced the tax

Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.

Top News

Retailer Organization Says Retail Sales Reached 95 Percent Of The Pre Covid Level In The Domestic Market In September

blank

Published

on

blank

Business Desk, Press24 News, New Delhi

Published by: Kuldeep Singh
Updated Thu, 14 Oct 2021 02:04 AM IST

Summary

Rye CEO Kumar Rajagopalan said retail sales were down just 4 per cent as compared to September 2019. The highest increase of 33 per cent was in South India, while 30 per cent in the eastern region, 26 per cent in the western region and 16 per cent in North India.

hear the news

The Association of Retailers (RIE) on Wednesday claimed that sales in the domestic market in September have reached 95 per cent of pre-Covid levels, compared to 26 per cent growth in September last year.

Rai said, 26 percent faster than September, 2020
Rye CEO Kumar Rajagopalan said retail sales were down just 4 per cent as compared to September 2019. The highest increase of 33 per cent was in South India, while 30 per cent in the eastern region, 26 per cent in the western region and 16 per cent in North India.

Sales across all business segments are picking up ahead of the festivals and are expected to surpass pre-Covid levels next month. The number of hotel, restaurant goers is increasing continuously, while the sales of sporting goods, clothing and other essential products are also showing a jump. Festivals like Dussehra-Diwali can give a new impetus to the market.

Cement production increased by 44 percent in 5 months
Cement production has jumped 44 per cent in the last five months on the back of reforms in the real estate sector and increased housing sales. Domestic rating agency Icra said on Wednesday that even compared to April-September, 2019, cement production has increased by 2 percent to 142 million tonnes. ICRA has projected a 12 per cent growth in cement production in the current financial year, which may be at 332 million tonnes.

Expansion

The Association of Retailers (RIE) on Wednesday claimed that sales in the domestic market in September have reached 95 per cent of pre-Covid levels, compared to 26 per cent growth in September last year.

Rai said, 26 percent faster than September, 2020

Rye CEO Kumar Rajagopalan said retail sales were down just 4 per cent as compared to September 2019. The highest increase of 33 per cent was in South India, while 30 per cent in the eastern region, 26 per cent in the western region and 16 per cent in North India.

Sales across all business segments are picking up ahead of the festivals and are expected to surpass pre-Covid levels next month. The number of hotel, restaurant goers is increasing continuously, while the sales of sporting goods, clothing and other essential products are also showing a jump. Festivals like Dussehra-Diwali can give a new impetus to the market.

Cement production increased by 44 percent in 5 months

Cement production has jumped 44 per cent in the last five months on the back of reforms in the real estate sector and increased housing sales. Domestic rating agency Icra said on Wednesday that even compared to April-September, 2019, cement production has increased by 2 percent to 142 million tonnes. ICRA has projected a 12 per cent growth in cement production in the current financial year, which may be at 332 million tonnes.

Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.

Continue Reading

Top News

china on arunachal pradesh: china objects vice president arunachal trip

blank

Published

on

blank

New Delhi
While the dispute between India and China continues over the border dispute, China has now raised objections to Vice President M Venkaiah Naidu’s visit to Arunachal Pradesh. India has also responded to this objection of China. On behalf of the Ministry of External Affairs, it was said that there is no reason to object to the visit of Indian leaders to any state in India. Defense experts Brahma Chelani is linking this whole issue to Xi Jinping’s visit to Tibet.

India’s defense expert Brahma Chelani said in a tweet that there was no response from the Indian side on Xi Jinping’s provocative visit to Tibet. Jinping’s call for an overnight stay at a PLA base just 15 km from the Indian border and a call for war preparedness. There could have been no reaction from India and no wonder it has prompted China to oppose the Vice President’s visit to Arunachal.

Chinese President Xi Jinping visited Tibet in July this year for the first time since becoming General Secretary of the Communist Party of China in 2013. During this, Jinping also visited famous Buddhist monasteries like Drepung Monastery, Barkhor Street and Potala Palace in the capital Lhasa. China is also going to build airports in three new areas of Tibet, namely Lunze County, Tingri County and Burang County. China is going to start the airport being built in these areas by the end of 2025.

India China Border Row: India made a mistake by moving away from Kailash range? China started showing eyes again
External Affairs Ministry Spokesperson Arindam Bagchi said there was no reason for Indian leaders to object to the visit to any state in India. Bagchi said, “We have seen the remarks of the Chinese official spokesman today. We reject such statements. Arunachal Pradesh is an integral and integral part of India. The Spokesperson of the Ministry of External Affairs said this in response to a question about the objection of the Ministry of External Affairs of China to the recent visit of Vice President M Venkaiah Naidu to Arunachal Pradesh.

china objects vice president Arunachal trip

Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.

Continue Reading

Top News

Maharashtra bjp 72 Hour Long Hunger Strike In Latur For Aid To Rain-hit Farmers Ends

blank

Published

on

blank

Summary

The hunger strike began on Monday and ended hours after the Maharashtra government announced financial assistance late on Wednesday. Maharashtra government has announced financial assistance of Rs 10,000 crore for farmers whose crops were damaged due to heavy rains. The relief package was criticized by BJP leaders including Devendra Fadnavis.

hear the news

A 72-hour hunger strike led by BJP leaders demanding financial assistance for farmers affected by heavy rains and floods in the Marathwada region, including Maharashtra’s Latur district, ended on Wednesday night. The opposition party resolved to continue the struggle for the welfare of the farmers of the state.

Hunger strike started on Monday
The hunger strike began on Monday and ended hours after the Maharashtra government announced financial assistance late on Wednesday. Maharashtra government has announced financial assistance of Rs 10,000 crore for farmers whose crops were damaged due to heavy rains. The relief package was criticized by BJP leaders including Devendra Fadnavis.

Government announces financial assistance of Rs 10000 crore
Agricultural crops on over 55 lakh hectares of land have been damaged due to the extremely heavy rains between June and October this year. In order to provide some assistance to the farmers, the Maharashtra government has decided to provide financial assistance of Rs 10,000 crore to the affected farmers, an official statement in Mumbai said.

BJP told the aid amount insufficient
However, former state minister and BJP MLA Sambhajirao Patil Nilangekar, who was part of the agitation in Latur, termed the aid as inadequate and said the Mahavikas Aghadi (MVA) government has made a “joke of farmers”. He said that BJP will continue to fight till the farmers get justice. Patil Nilangekar’s hunger strike began at Chhatrapati Shivaji Maharaj Chowk in Latur with 127 farmers of the district.

The BJP leader also lambasted NCP president Sharad Pawar, whose party is an ally in the MVA government. He said that the plight of farmers in Marathwada has been ignored. The relief package announced by the government is not acceptable. The Chief Minister may have forgotten that Marathwada is a part of Maharashtra.

Will start a big movement in future: Nilangekar

He said, “Though the hunger strike is over, but in future a strong and big movement will be launched in a different way in support of the farmers. Patil Nilangekar alleged that the MVA government was “harassing” the farmers for the last two years.

Of the 127 farmers who took part in the hunger strike, 14 farmers had to be admitted to hospitals as they fell unconscious. Former CM Fadnavis said that the aid announced by the state government is like a joke with the farmers.

Due to heavy rains last month, water was released from the Manjara dam, which inundated many other areas, including Latur. Sambhaji Patil Nilangekar along with 127 farmers from 32 affected villages of Nilanga, Deoni, Ausa and Shirur-Anantpal tehsils along with 127 farmers from other areas held a protest and hunger strike at Shivaji Chowk in Latur. More than 4,000 farmers had come to show solidarity in this demonstration.

Expansion

A 72-hour hunger strike led by BJP leaders demanding financial assistance for farmers affected by heavy rains and floods in the Marathwada region, including Maharashtra’s Latur district, ended on Wednesday night. The opposition party resolved to continue the struggle for the welfare of the farmers of the state.

Hunger strike started on Monday

The hunger strike began on Monday and ended hours after the Maharashtra government announced financial assistance late on Wednesday. Maharashtra government has announced financial assistance of Rs 10,000 crore for farmers whose crops were damaged due to heavy rains. The relief package was criticized by BJP leaders including Devendra Fadnavis.

Government announces financial assistance of Rs 10000 crore

Agricultural crops on over 55 lakh hectares of land have been damaged due to the extremely heavy rains between June and October this year. In order to provide some assistance to the farmers, the Maharashtra government has decided to provide financial assistance of Rs 10,000 crore to the affected farmers, an official statement in Mumbai said.

BJP told the aid amount insufficient

However, former state minister and BJP MLA Sambhajirao Patil Nilangekar, who was part of the agitation in Latur, termed the aid as inadequate and said the Mahavikas Aghadi (MVA) government has made a “joke of farmers”. He said that BJP will continue to fight till the farmers get justice. Patil Nilangekar’s hunger strike began at Chhatrapati Shivaji Maharaj Chowk in Latur with 127 farmers of the district.

The BJP leader also lambasted NCP president Sharad Pawar, whose party is an ally in the MVA government. He said that the plight of farmers in Marathwada has been ignored. The relief package announced by the government is not acceptable. The Chief Minister may have forgotten that Marathwada is a part of Maharashtra.

Will start a big movement in future: Nilangekar

He said, “Though the hunger strike is over, but in future a strong and big movement will be launched in a different way in support of the farmers. Patil Nilangekar alleged that the MVA government was “harassing” the farmers for the last two years.

Of the 127 farmers who took part in the hunger strike, 14 farmers had to be admitted to hospitals as they fell unconscious. Former CM Fadnavis said that the aid announced by the state government is like a joke with the farmers.


Due to heavy rains last month, water was released from the Manjara dam, which inundated many other areas, including Latur. Sambhaji Patil Nilangekar along with 127 farmers from 32 affected villages of Nilanga, Deoni, Ausa and Shirur-Anantpal tehsils along with 127 farmers from other areas held a protest and hunger strike at Shivaji Chowk in Latur. More than 4,000 farmers had come to show solidarity in this demonstration.

Disclaimer: This post has been auto-published from an agency/news feed without any modifications to the text and has not been reviewed by an editor.

Continue Reading

Trending