Despite having a cost advantage, domestic crushers are not purchasing locally grown soybeans, while the country continues to meet its rising soybean oil demand through expensive imports.
Govt submission comes in response to petitions against release of GM crops owing to concerns over side-effects. New technology would increase farm productivity and income of farmers, says Centre.
Indians spending 14% more on edible oil compared to last year. Experts expect a cooldown if no shocks prevail, government says ‘situation under control’.
While retail inflation hit an 8-year high of 7.8% in April, wholesale inflation surged to a 9-year high of 15.08% on the back of elevated food and energy prices in the same month.
Survey by LocalCircles also found that 17% were cutting discretionary spending to afford the oil and 1 in 2 households are dipping into savings to buy it.
India is witnessing record-high inflation in edible oil prices. Food Secretary says country can produce up to 18-19 lakh tonnes of rice bran oil, up from current 11 LT.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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