Sudhakar Rao Desai re-elected as IVPA President
Sudhakar Rao Desai, Chief Executive Officer (CEO) of Emami Agrotech Ltd, has been re-elected unanimously as the President of Indian Vegetable oil Producers’ Association (IVPA).
Vipin Gupta, CEO of Louis Dreyfus Commodities India Pvt Ltd, has been re-elected unopposed as the Vice-President of IVPA.
Higher crop sowing likely to raise fertiliser subsidy bill
A bountiful monsoon has brought a new challenge for the Finance Ministry, with the subsidy bill for fertilisers this year expected to be much higher. At the same time, the fertiliser industry is apprehensive that the subsidy bill for six-eight months is likely to be rolled over to the next fiscal.
For the current fiscal, the budget estimate for fertiliser subsidy is ₹71,309 crore as against the revised estimate of ₹79,997.85 crore for FY20. According to the CGA (Controller General of Accounts), the government has already exhausted nearly 60 per cent of the budget estimate during the first five months (April-August) of current fiscal. However, industry says it has got payment for the April-June period only.
Chinese buying of castor seeds will affect domestic industry: SEA
The Solvent Extractors’ Association (SEA) of India has requested the Union Commerce Ministry to discourage the export of castor seed from India to protect the domestic industry.
In a letter to Piyush Goyal, Union Commerce Minister, Atul Chaturvedi, President of SEA, said that China has been aggressively buying commodities during the last few months to bolster its state reserves.