Efforts on to introduce ethanol in agriculture, construction equipment: Nitin Gadkari
Union Minister Nitin Gadkari on Saturday stressed on the need to switch to alternative fuel like ethanol and said efforts are on to introduce ethanol in construction and agriculture equipment.
The Union road transport and highways minister said the country imports petroleum products worth Rs 10 lakh crore to meet the requirements in the energy and power sector, and in the next five years, the demand may go up to Rs 25 lakh crore, which will affect the economy.
Gadkari was speaking at the state-level Sugar Conference 2022 organised by Vasantdada Sugar Institute in Pune.
Global wheat prices jump after India export ban and Ukraine war: FAO
United Nations: The price of wheat has jumped in the international markets after India announced a ban on the export of the staple cereal and due to the reduced production prospects in Ukraine following the Russian invasion, the UN food agency has said.
The Food and Agriculture Organisation (FAO) Price Index averaged 157.4 points in May 2022, down 0.6 per cent from April.
The index, which tracks monthly changes in the international prices of a basket of commonly-traded food commodities, however, remained 22.8 per cent higher than in May 2021.
Panicked traders step up forward Indian rice purchases after wheat export ban: Sources
India’s surprise ban on wheat exports has prompted rice traders to increase purchases and place unusual orders for longer-dated deliveries, fearing the world’s top rice exporter may restrict those shipments as well, four exporters told Reuters.
In the last two weeks, traders have signed contracts to export 1 million tonnes of rice for shipments from June through September and are opening letters of credit (LCs) quickly after signing deals to ensure the contracted quantity will be sent even if India restricts exports, the people said.
Those forward purchases come on top of roughly 9.6 million tonnes of rice already shipped out of India this year – in line with record 2021 shipments – and may reduce the amount of grain available for other buyers during the coming months as loading schedules fill.
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