Rice output may fall 13 per cent to 96.7 million tonnes in kharif this year: Origo Commodities
Rice production may fall by 13 per cent to 96.7 million tonnes in kharif season this year due to fall in paddy acreage amid deficient rains in some parts of the country, according to Origo Commodities’ initial estimates. Earlier this week, the agriculture ministry released the first advance estimates for kharif season of 2022-23 crop year (July-June). As per the government data, rice production is likely to decline by 6 per cent to 104.99 million tonnes in the kharif season this year as against 111.76 million tonnes in kharif season of last year.
Established in 2011, Gurugram-based Origo Commodities is a agri fin-tech company focused on commodity supply chain, post harvest management, trade and finance. This is the first time the company has released the estimates for kharif crops. It will come up with a final estimate in November 2022.
In a statement, Origo Commodities said that rice production in kharif season for 2022-23 “is seen lower by 13 per cent y-o-y at 96.7 million tonnes against 111.17 million tonnes in 2021-22”.
Retail prices of rice to remain under control, says government
The government on Friday said retail prices of rice in the domestic market will remain under control, helped by a ban on exports of broken rice and sufficient stocks in its godowns. The statement by the food ministry came a day after its factsheet alluded to a pricing pressure and rates of rice rising in the near term.
By imposing the ban on export of broken rice, the government has “successfully ensured domestic food security, availability of domestic feed for poultry and cattle feed, while keeping a check over inflation as well as domestic price of rice”, the food ministry said in the statement on Friday.
With effect from September 9, the Centre imposed a ban on broken rice exports and also a slapped a 20 per cent export duty on non-basmati rice, except for par-boiled rice.
Oz delegation to focus on agri, critical minerals, infra
A 106-member business delegation from Australia is visiting India this week to forge ties across agriculture, critical minerals, infrastructure, digital health and education. The visit comes ahead of the implementation of the India-Australia Economic Cooperation and Trade Agreement (ECTA).
“This visit is all about those commercial partnerships… to get business here to start talking. We have primarily focused on eight critical minerals including lithium, graphite, and titanium that are of equal value to both India and Australia,” said Denise Eaton, trade and investment commissioner, Australian Trade and Investment Commission.
The minerals, used in EVs and medical devices, are an area of key interest for India as the country has launched production-linked incentive schemes for these sectors.
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