India allots import licences for 1.1 million tonnes of refined palmolein from Indonesia: Sources
India has issued import licences for 1.1 million tonnes of refined palmolein from Indonesia, government and trade sources told Reuters, a move that has surprised the industry as only last month New Delhi restricted imports of the commodity.
A resumption in refined palmolein buying by India, the world’s biggest palm oil importer, could lift its total palm oil imports, and support Malaysian palm oil futures, which have corrected a fifth from a three-year high hit in January.
Fall in output to worsen coffee sector crisis
As the harvest of coffee enters the last phase in the key producing regions of Karnataka and Kerala, a large section of growers are not happy despite the beans fetching slightly higher prices than last year’s.
A lower crop harvest, mainly due to the berry droppings triggered by excess rains in October and November last year, has upset their calculations. As a result, the crisis in the coffee sector witnessed over the past few years is set to continue in the year ahead, triggering demand for government intervention from growers.
Green push: Govt revamps crop cover scheme, prunes premium subsidy
The government on Wednesday announced that it would reduce its share in premium subsidy for the flagship crop insurance scheme — PM Fasal Bima Yojana (PMFBY) — to 30 per cent and 25 per cent, respectively, for unirrigated and irrigated crops from the existing 50 per cent for major States, even as it made the crop protection cover voluntary for farmers.
On the other hand, the Central share in the premium subsidy would be increased to 90 per cent for the north-eastern States, said Agriculture Minister Narendra Singh Tomar, after a Cabinet meeting here.
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