Business Standard

Ministry for rise in oilmeal cake export duty

Related News

The has recommended a rise in cakes and extracts. In addition, there is the likelihood of an export duty on maize.

Officials explained that various states experiencing scanty rainfall might also get fodder and seed subsidy for contingent crops to be sown, especially if it is fodder crop of sorghum or jowar.

They added these measures were aimed at ensuing fodder supply to cattle and tackling protein inflation, a major part of which is contributed by fodder prices. Currently, export of oilmeal cakes and maize is duty-free. The decision to raise the export duty on maize has arisen since both cost of wheat and maize have gone up unlike earlier when maize was used as a major poultry feed since it was cheaper compared to wheat.

In a meeting of the Empowered Group of Ministers, it was decided to make oilmeal imports duty-free. Officials added that earlier it was only for soymeal, but a decision might be taken for a rise in export duty and duty-free imports across oilseeds. “This will solve two problems. First, oilmeal cakes are used for extraction of oil, while the deoiled cake is used as fodder for cattle,” explained an official source.

The focus of the government till the end of August is to take measures to salvage existing crops and grow more fodder crops. The government has already released funds for the accelerated fodder development programme as part of the even while the 12th Plan is yet to approve the allocation of the ministry of agriculture.

Read more on:   
|
|
|

Read More

Agri-commodities prices go down as rainfall improves

With the rainfall picking up in the last few weeks, prices for agri-commodities like sugar, turmeric, potato, pepper and cotton have gone down.

Quick Links

 

Market News

SpiceJet stock up 15% on stake sale reports

The airline is restructuring its operations and has cut down its fleet size by ten planes to contain losses

Operating capacity of stainless steel mills slumps 55% on huge Chinese imports

The capacity stood at 70% over a year ago, industry seeks anti dumping duty on China

Sensex, Nifty end at record closing highs; bank shares rally

The 30-share Sensex surged 267 points to end at 28,335 and the 50-share Nifty gained 75 points to close at 8,477.

Indices end at record closing high; Nifty eyes 8,500

The Sensex and the Nifty hit all time high of 28,361 mark and 8,490 levels, respectively

Essar Oil extends fall as Sebi revamps delisting norms

The stock slipped below its floor price of Rs 108.18 fixed for the proposed delisting offer.

Back to Top